Seafood market turbulence sees Norsk Sjømat mothball IPO, stock exchange listing

Published on
October 27, 2020

Norwegian fisheries group Norsk Sjømat has confirmed the postponement of an initial public offering (IPO) of shares and listing on the Oslo Stock Exchange (Oslo Børs).

Earlier this month, alongside the consolidation of the two businesses Nergård AS and Norsk Sjømat AS into a fully-integrated seafood group, the group’s new parent company Norsk Sjømat ASA also announced its intention to launch an IPO and to apply for a listing on the stock exchange.

However, in a notice filed with Oslo Børs on 23 October, the company walked back that listing.  

“While Norsk Sjømat received highly positive feedback related to its business case as well as solid demand from domestic and international institutions, the increasing turbulence of the financial markets, especially within the seafood sector, means that investors have become increasingly cautious,” the company said. “As a result, the company’s board of directors has decided to postpone the IPO process.”

The statement also said the company’s board of directors would not provide further comment at this stage, but that it may resume the IPO process in the future.

Norsk Sjømat’s operations span the seafood value chain, including whitefish harvesting, pelagics procurement and salmon farming, as well as processing and global distribution activities. Its operations are carried out along the Norwegian coastline – from Stranda on the northwest coast to Finnmark in the north.  

Photo courtesy of Michael715/Shutterstock

Contributing Editor reporting from London, UK

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