Norway-based aquatech company Ovum is stepping up the commercialization of its fully closed system known as the "Egg" and is planning to use proceeds from a pre-initial public offering (IPO) later this year to fund the effort.
The pre-IPO, the company said, is expected to raise between NOK 150 million (€13.3 million/$14.7 million) and NOK 200 million (€17.7 million/$19.8 million) and could propel the company to becoming a leading player in this field, Ovum CFO Hogne Tyssoy told IntraFish.
A pre-IPO is a private sale of large blocks of shares before a stock is listed on a public stock exchange.
