Tørvikbygd, Norway-based salmon smolt producer BioFish Holding AS has confirmed its initial public offering, announced earlier this month, has been successfully placed.
The private placement consisted of seven million new shares at a subscription price of NOK 21.50 (USD 2.42, EUR 2.05) per share, raising gross proceeds for the company of NOK 150.5 million (USD 17 million, EUR 14.3 million).
BioFish Holdings’ net proceeds from the IPO will be used to fund completion of the existing production facility, working capital, and strengthening the balance sheet, the company said in a statement.
BioFish AS was established in 2016 after the current ownership group acquired land-based, flowthrough fish-farming facility. The farm is located in the Hardangerfjord in Kvam Municipality on the Norwegian west coast. BioFish has upgraded the facility to a recirculating aquaculture system and now produces up to approximately 500 grams, with customers in Norway that finish the farming process by growing the smolt to adult-sized fish of around five kilograms in weight. BioFish currently produces around 150 metric tons (MT) of smolts per year, but the company was recently granted an expanded production license and aims to produce 2,200 metric tons (MT) of biomass annually once its current facility has been expanded and completed.
The Oslo Stock Exchange, Oslo Børs, has ratified that it has received an application from BioFish Holding for admission to trading on the multilateral trading facility Euronext Growth Oslo. Oslo Børs said that it has decided to admit BioFish to trading, with the stipulation that the company must satisfy the admission requirements on Euronext Growth prior to the first day of trading. The first trading date is expected to take place on 3 August, 2021.
The delivery-versus-payment settlement in the IPO private placement has been facilitated by a share-lending agreement between the manager, Monaco Invest AS, and YME Holding AS.
Fearnley Securities AS has been engaged as financial advisor to the company and as manager and bookrunner in connection with the IPO and the listing. Advokatfirmaet Haavind AS is acting as legal advisor in relation to the IPO.
Tor Haldorsen, the new elected chairman of the company, was allocated 24,650 shares privately and through his company Toha Shipping AS.
Photo courtesy of BioFish
