Arctic Fish plans to raise £51m with listing

Icelandic salmon farming company Arctic Fish says it plans to raise up to NOK 600m (£51m) when it goes public.
It has engaged DNB Markets, Pareto Securities AS and Arion Banki hf to organise a private placement on the former Merkur Market now known as Euronext Growth Oslo, of around nine million new and existing shares in the company, which is half owned by Norway Royal Salmon.
The issue is expected to include the sale of 5.7 million new shares to provide gross proceeds of NOK 350m. In addition, just under 3.3 million existing shares will be offered for around NOK 200m. Novo ehf, also an existing shareholder, has agreed to buy shares for NOK 45m. The offer price is set at NOK 61.20.
The existing shares will be offered by Bremesco Holding, which plans to sell up to 26% of its ownership in the company, reducing its shareholding to approximately 28.7% after the issue.
In an announcement to the Oslo Stock Exchange, Arctic Fish said the issue will be mainly used to finance growth and develop its value chain, including investment in the expansion of smolt capacity, fish farming equipment and biomass development.
Arctic Fish is Iceland’s fastest growing salmon company. Only four months ago it opened a large new breeding and hatchery centre in the west of the country, investing £25m and bringing dozens of new jobs to the area.
The building houses a wide range of activities, including breeding and hatching, and is connected to one of the world’s most advanced (RAS) water recycling systems.