Chilean wild-catch and aquaculture conglomerate, Camanchaca, will raise EUR 45.7 million in Santiago ahead of the initial public offering of its salmon-farming business in Oslo, next week, it was understood on Tuesday.
Common shares in the parent company’s Santiago listing will become “depository receipts (for) shares in Salmones Camanchaca” which will list shares on the Oslo Stock Exchange. Subject to a successful Chilean offering, the Salmones shares are expected to start trading in Oslo on or about Feb. 2nd, 2018, with common shares also trading on the Santiago Stock Exchange.
The company said a pricing interval of between 38.5 kroner and 48 kroner per share (EUR 3.99 and EUR 4.98) was being anticipated. That would put a pre-money valuation on Salmones of between 2.2 billion and 2.7 billion kroner (EUR 228 million EUR 280 million).
It is hoped that between EUR 36.8 and EUR 46.6 million) are raised by offering up to 9,181,992 new common shares.
Camanchaca said it intends to lower its shareholding through a secondary sale of shares by offering up to 12,598,008 of its common shares. It said it intends to hang on to at least 67 percent of the Oslo-listed salmon-grower.
Subject to maximum number of shares “and the price set at the mid-point of the indicative price range,” the total offering is expected to amount to about EUR 98.8 million.