China-based 8,000 tonne RAS company Nordic Aqua Partners successfully lands €55 million private placement – will list on Oslo Stock Exchange in December

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Nordic Aqua Partners, which is run by a former Mowi managing director, is aiming for 8,000 tonnes-per-year in Shanghai.

In a press release, Nordic Aqua Partners writes that it has successfully completed a private placement of new shares with gross proceeds of approximately EUR 55.1 million which will be allocated through 7,214,788 new shares at a subscription price of EUR 7.64 per share.

The net proceeds from the private placement will be used to finance biomass, investments in production equipment, and general corporate purposes.

In connection with the private placement, the company intends to list its shares on Euronext Growth Oslo (currently Merkur Market), with the first day of trading expected to be on or about the 1st of December.

SpareBank 1 Markets was engaged as sole manager and book-runner in connection with the private placement and listing.

“The Private Placement was substantially oversubscribed and attracted strong interest from high-quality Norwegian, Nordic and international investors along with Tier-1 sponsors with a strong industrial foothold in the aquaculture value chain,” wrote Nordic Aqua Partners.

At a site near Shanghai, the company is aiming 8,000 tonnes-per-year first, then 16,000, with and “an attractive long-term potential expansion” to 40,000 tonnes in the same area.

Chairman of the board and former Mowi managing director Ragnar Joensen said that the prospects for land-based salmon farming in China are “far-reaching”.

“We are all very enthusiastic and optimistic about being a first-mover into the world’s largest seafood market and about the potential for Nordic Aqua Partners. We believe the opportunity is indefinite and with the fantastic support of our staff, investors, bank syndicate, Chinese authorities and advisors, we are finally at the step of making great history. Now, the company is ready to realise a fantastic project in China and in less than three years, we will deliver truly fresh, high-quality and tasty salmon to the Chinese market,” he said.

Nordic Aqua Partners wrote that expansion potential within a very attractive downstream value chain for Atlantic Salmon in China “with the possibility of realising a high EBIT/kg”.