€18 million Hofseth BioCare share issue was “significantly oversubscribed”

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Biotech company soon ready to list.

After the close of the Oslo Stock Exchange’s on Thursday, Hofseth BioCare announced that it was chasing EUR 18 million in fresh capital. The funds will contribute to strengthened balance sheets, increased free float, and “to ensure 12 months of liquidity” for the company, which has been a loss-maker for years.

Hofseth Biocare is a Norwegian producer of biomarine ingredients for human applications, such as fresh salmon oil and protein powder.

On Friday morning, the company announced that 24.7 million shares have been sold at a subscription price of NOK 8.10. This implies a subscription amount of EUR 18 million.

“The private placement was “significantly oversubscribed,” said facilitator and investment bank Pareto Securities.

The biotech company will now seek to transfer from the Oslo Axess to Oslo Stock Exchange’s main listing by the fourth quarter of the year.

BEWi was founded in 1980 by the Pelvic family at Frøya and has since grown to become a major European player in both the insulation and packaging industry. BEWi delivers innovative and sustainable products and solutions, and protects both people and goods, such as fish boxes,