Norsk Sjømat to chase at least €180 million in IPO

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Leading processor of salmon and trout brings white fish giant Nergård to Oslo Stock Exchange.

Norsk Sjømat, a fully integrated seafood company, engaged in both the farming and wild catch, with its own processing and export capacities, will now be listed at the stock exchange.

And it is not only fillet cutting and salmon exports at its processing facility at Stranda, Western Norway, but that’s also included. The country’s second-largest fisheries group, Nergård that harvested a wide range of species, but primarily cod, saithe, and haddock is also included. In addition, this comes with Norsk Sjømat’s own fish farming operations.

EUR 400 million
The group has been pre-valued valued between EUR 350 million to EUR 400 million before the IPO.

Nergård is currently building a new 80m long stern trawlers. Illustration: Vard

The Norsk Sjømat Group had a turnover of EUR 344 million in 2019 and achieved an operating profit of EUR 33.2 million. In the first half of 2020, the company posted an operating profit of EUR 20 million, according to the 393-page prospectus announced on Thursday.

At the end of the second quarter of this year, the book equity was EUR 206 million and a net interest-bearing debt of EUR 123 million.

Veterans
The seafood conglomerate is listing on the stock exchange to raise money for further growth. The company is now putting up for sale shares worth EUR 180-210 million, spread over two transactions. The book building process started on October 15 and will run until October 23. Norsk Sjømat’s first day of listing is October 27.

Norsk Sjømat’s ownership includes company founder Per Magne Grøndahl, ex-Pan Fish chairman Bjarte Tunold together with Icelandic fishing giant Samherji.

The facilitators of the IPO are investment banks DNB Markets, Pareto Securities and ABG Sundal Collier.