Barramundi Group launched its initial public offering on 12 August, and the company announced it had raised approximately NOK 130.8 million (USD 14.8 million, EUR 12.6 million) through a private placement prior to the listing.
The Singapore-based company operates three ocean farm sites growing barramundi, with 2020 production totaling 1,840 metric tons. It first announced its intention to list its shares on the Oslo, Norway-based Euronext Growth exchange on 4 August. Barramundi Group CEO Andreas von Scholten told SeafoodSource in January 2020 the company was mulling an IPO as a means of raising additional capital.
The company was successful in that regard, announcing it had raised equity private placement of 8.9 million shares sold at NOK 14.70 (USD 1.66, EUR 1.42) each. The placement included the issuance of 8.1 million new shares and 800,000 shares that were borrowed under an overallotment and share-lending agreement. In a press release, Barramundi Group said it had attracted investment from Norway, Singapore, Hong Kong, Switzerland, Sweden, and Denmark.
“All new funds raised will be directed towards its growth strategies that will allow the business to scale in capacity and offerings, making way for a transformation in the business,” Barramundi Group said. “Proceeds from the issue of new shares will be channeled towards funding growth that will see production grow over three times to 7,000 tonnes by 2026.”
The company’s stock began trading under the stock ticker code BARRA, and was trading at NOK 14.95 (USD 1.69, EUR 1.44) as of Thursday afternoon.
“We are delighted with the strong confidence that investors have demonstrated in subscribing to Barramundi Group’s mission to feed the world responsibly and sustainably, as well as our growth vision,” Barramundi Group CEO Andreas von Scholten said. “We are optimistic about our prospects and will forge ahead with our vision to produce the best barramundi in the world and to help close the global protein gap.”
In its informational sheet filed with the Euronext Growth market as part of its IPO filing, Barramundi Group listed a net loss of SGD 31.1 million (USD 22.8 million, EUR 19.5 million) in 2019, SGD 8.8 million (USD 6.4 million, EUR 5.5 million) in 2020, and SGD 6 million thus far in 2021 (USD 4.4 million, EUR 3.7 million). It listed possession of SGD 104.9 million (USD 77.5 million, EUR 65.8 million) in total assets and SGD 82.1 million (USD 60.4 million, EUR 51.5 million) in liabilities, for a net asset total of SGD 22.8 million (USD 16.7 million, EUR 14.3 million).
In its release, Barramundi Group reiterated its goal of acquiring new leases in Australia to allow it to expand its production to 30,000 MT annually. It is also “exploring the potential to scale capacity in Brunei significantly.”
“The group is also in discussions with potential partners to explore production partnerships that could pave the way for significant scaling opportunities,” it said.
“As the only end-to-end barramundi producer globally, Barramundi Group has access to capabilities that protect yield, quality, and provide opportunities for new revenue streams. The group is constantly working on product innovation, including the nose-to-tail utilization of its fish. It is also currently working on developing its fish health and vaccine arm to strengthen its position as a leading barramundi fish health and autogenous vaccine provider, as well as establishing an export supply chain for its superior strain of broodstock,” it said. “The group’s barramundi products are currently available in over 1,600 restaurants, hotels, and retailers in selected markets. Efforts to strengthen its presence in key markets including China, [the] U.S., and Australia are currently underway. In addition, the group has plans to establish partnerships for sales in new geographies and to introduce barramundi as a premium, high-quality product in the E.U.”
Photo courtesy of Barramundi Group
