Icelanders complete listing process to fund growth plans.
Marel shares rose 6.7 per cent after its initial public offering on Friday morning to trade at EUR 4.02, giving it a market capitalisation of EUR 2.65 billion. The offer price was EUR 3.70 a share.
In a financial statement this morning, the Icelandic food processor wrote that the offering comprises approximately 90.9 million shares. In addition, Marel has granted a customary Over-allotment Option representing approximately 9.1 million Shares. The Offering represents 15% of Marel’s entire share capital, assuming full exercise of the Over-allotment Option. Total offer size amounts to EUR 336.36 million and will increase to EUR 370 million assuming full exercise of the Over-allotment Option.
Marel supports the salmon processing industry with tech such as the “FleXicut” which uses an x-ray system for bone detection.
Marel chief executive Árni Oddur Thórdarson said:
“This is a proud day for Marel as we complete our listing process on Euronext Amsterdam, complementing our Icelandic listing. We are very pleased to have received very strong levels of support and interest in the Offering from both the retail and institutional investment communities in the UK, US, Iceland, Netherlands and the rest of Europe. The Euronext listing will support the next phase of our growth and better enable us to pursue our vision of a world where quality food is produced sustainably and affordably.”
In May, SalmonBusiness reported that Marel was working with Inka and Seaborn to create Europe’s most advanced processing plant.