Helge Gåsø to list his wellboat, service boat and transport ship company.
“Over the last 20 years, Frøy has developed into a market-leading service provider for Norwegian salmon farming. Going forward, we see several avenues for continued growth for Frøy, and believe that an IPO of Frøy is now a natural next step to enable the next phase of the company’s development,” said Gåsø, who is CEO of the company.
“We continue to see strong demand for service for aquaculture infrastructure and biomass, and look forward to continuing our hard work to meet the needs of our customers. With the support of NTS as a long-term owner, I trust that we will continue to be the integrated solution partner a selector for the rapidly growing
aquaculture industry,” he added.
The company is the result of a merger between the Frøy Group and one of NTS’s subsidiaries. The company, which is currently part of NTS, expects six new wellboats and eight new service boats delivered in 2021, 2022 and 2023.
The board believes an IPO will lay the groundwork for realising the growth potential of fish farming services, supporting scale benefits in Norway and allowing international expansion in other salmon-producing countries based on the experience in the country.
Frøy Group had an order book of EUR 530 million at the end of the year.
The company had a pro forma EBITDA of EUR 60 million in 2020. That held to an EBITDA margin of 37.5 percent.
Danske Bank, Nordea and Sparebank1 Markets are facilitators of the IPO for Frøy. Together they will raise EUR 100 million and ensure that the company has its first day of trading on the Oslo Stock Exchange by the end of March.