Net proceeds of EUR 55.2 million will fund growth and develop the formerly-named Arnarlax’s value chain.
The SalMar-owned salmon farmer previously known as Arnarlax reports on the Oslo Stock Exchange that it is contemplating a private placement and listing on Merkur Market.
Icelandic Salmon, as it is now known, has engaged investment bank DNB Markets as sole global coordinator and joint bookrunner with Arctic Securities and Arion Banki.
This is to advise on and effect a contemplated private placement of up to 5,038,040 shares consisting of a primary offering of up to 3,756,522 new shares in Icelandic Salmon to raise gross proceeds of up to approximately EUR 42 million and a secondary offering of up to 1,281,518 existing shares from the selling shareholders, equivalent to proceeds of up to approximately EUR 13.6 million.
The primary offering is underwritten by Icelandic Salmon’s largest shareholders, SalMar, Pactum, Gyda EHF and Holta Invest pursuant to which the underwriters have committed to underwrite the private placement at the offer price, in total approximately EUR 8 million.
Icelandic Salmon intends to use the net proceeds from the primary offering of the new shares to fund growth and develop its value chain within the existing license portfolio, including investment in the expansion of smolt capacity, upgrade processing facility (Bíldudalur), farming equipment, branding initiatives and biomass build-up.
The price per share in the private placement has been set to NOK 115, equivalent to a pre-money equity value of Icelandic Salmon of approximately EUR 283 million based on the 26,614,042 shares currently outstanding in the salmon farmer.