AquaChile has formally started the process to list on the Oslo Stock Exchange (Oslo Børs), and Australis Seafood is reportedly following suit.
Interest in investors for Chile’s leading salmon firms comes in the wake Salmones Camanchaca's IPO in early February.
AquaChile published a statement confirming it has started the process to list in Norway and approved a capital increase of up to USD 200 million (EUR 164 million) in an extraordinary shareholders assembly. The company expects to conclude the process this year and plans to issue new shares of the company in Chile and international markets through depositary receipts from the Oslo Børs. The firm cited the importance of the exchange and Norwegian investors as a driver.
“Our decision to list the company in Oslo is based on the capital opportunities that Norway offers use due to the high relevancy it has in the seafood sector, and due to its ample and sophisticated base of investors and specialized analysts, “ AquaChile CEO Agustin Ugalde said in a statement released by the company.
Ugalde said AquaChile has been planning the listing for some time, and was waiting for the precise moment to act. The company plans to use the funds raised by the IPO to finance its investment plan. This plan considers investments for organic growth as well as potential acquisitions, the statement said.
The move comes weeks after Salmones Camancha’s successful IPO on 2 February, when the firm placed 19.2 million common shares and raised USD 108 million (EUR 88.5 million).
AquaChile is not alone in seeking public listing in Norway. According to a report in Chilean daily El Mercurio, Australis Seafoods is also evaluating the move. Although not yet official, the report cited unnamed sources saying that the company has been studying the move and is interested, and the success of Camanchaca and the decision of AquaChile to follow will likely increase interest.
