Arctic Fish Holding AS has begun trading on Euronext Growth Oslo following a successful private placement totaling NOK 600 million (USD 71.1 million, EUR 58.4 million) through the allocation of more than 9.8 million shares, the Icelandic salmon farmer has confirmed.
Shares started trading on 19 February, 2021, under the ticker “AFISH.”
The private placement comprised a primary offering of 5,718,954 new shares raising gross proceeds of approximately NOK 350 million (USD 41.5 million, EUR 34.1 million) to the company, and a secondary offering of 3,267,973 existing shares and around NOK 200 million (USD 23.7 million, EUR 19.5 million) to selling shareholder Bremesco Holding Ltd.
According to Arctic Fish, the private placement attracted very strong interest from Norwegian, Icelandic, Nordic and international high-quality institutional investors and was multiple times oversubscribed excluding shares pre-allocated to cornerstone investors.
Two of the company’s existing shareholders subscribed for and were allocated offer shares for a total amount of NOK 245 million (USD 29 million, EUR 23.9 million), with NOK 200 million from Norway Royal Salmon ASA, and NOK 45 million (USD 5.3 million, EUR 4.4 million) from Novo ehf.
In addition, Arctic Fish Chief Financial Officer Neil Shiran Thorisson was allocated offer shares for a total amount of NOK 20.5 million (USD 2.4 million, EUR 2 million), and certain other members of the management and board in Arctic Fish subscribed for, and were allocated, offer shares for a total of NOK 8.3 million (USD 983,569, EUR 808,413).
Furthermore, four cornerstone investors subscribed for and were allocated offer shares totaling NOK 97 million (USD 11.5 million, EUR 9.4 million).
Following the allocation, Norway Royal Salmon ASA owns approximately 51.3 percent of the shares in Arctic Fish and Bremesco Ltd. owns around 26.2 percent.
The net proceeds from the primary offering will mainly be used to fund growth and develop the company’s value chain within its existing license portfolio. These included investments in the expansion of smolt capacity, farming equipment, biomass build-up, processing initiatives, to increase the value chain capacity in the expectation of receiving additional license capacity, and for general corporate purposes, Arctic Fish said.
Net proceeds from the secondary offering will be for the benefit of the selling shareholder.
“The company intends to continue to invest and build up profitable and sustainable operations, where the farming is in harmony with the environment and society. We are very pleased with a successful private placement and this will secure the funding of the growth and further development of our value chain.” Arctic Fish CEO Stein Ove Tveiten said.
DNB Markets and Pareto Securities acted as joint global coordinators and bookrunners in the private placement, while Arion Banki was co-manager.
