Food processing equipment manufacturer Marel has started trading on Euronext Amsterdam.
The listing complements its position as a publicly-traded company on the stock exchange in Iceland (now Nasdaq Iceland). It has been traded on that exchange since 1992, during which time its revenues have grown 22 percent.
The Gardabaer, Iceland-headquartered company said the dual-listing was a “natural next step” in Marel’s growth strategy, and that by listing on an international stock exchange in addition to Nasdaq Iceland, it was increasing the visibility of its brand and access to a broader international investor base.
It added that the dual listing also strengthened the capital structure and provided a global currency for acquisitions.
“We are very pleased to have received very strong levels of support and interest in the offering from both the retail and institutional investment communities in the U.K., U.S., Iceland, Netherlands, and the rest of Europe. The Euronext listing will support the next phase of our growth and better enable us to pursue our vision of a world where quality food is produced sustainably and affordably,” Marel CEO Arni Oddur Thordarson said.
According to the Financial Times, Marel’s shares increased by as much as 9 percent after its initial public offering on the morning of Friday, 7 June, to trade at EUR 4.02 (USD 4.55), giving it a market capitalization of EUR 2.5 billion (USD 2.8 billion). The offer price was EUR 3.70 (USD 4.19) per share.
It has listed 90.9 million shares on Amsterdam Euronext, with an over-allotment option of adding a further 9.1 million shares. The combined offer represents 15 percent of its overall share capital.
Marel employs around 6,000 people across 30 countries and posted revenues of EUR 1.2 billion (USD 1.4 billion) last year.
