Icelandic Salmon issue in a box | Finansavisen

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IN BOX: SalMar boss Gustav Witzøe’s new venture Icelandic Salmon was significantly oversubscribed. Photo: Iván Kverme

Seafood

SalMar daughter Icelandic Salmon has completed the issue they announced on Wednesday.

This resulted in 647 million sounding coins in the coffers, divided into around 5.6 million shares at a price of NOK 115 per share, according to a stock exchange announcement.

The issue provides gross revenue for the company of approximately NOK 500 million. In addition, Pactum and Gyda EHF, owned by Kjartan Olafsson, have sold shares for around NOK 147 million.

According to the stock exchange announcement, the issue was significantly oversubscribed.

Three cornerstone investors were allotted shares for approximately NOK 296 million:

  • Gildi Pension Fund, approximately ISK 196 million
  • Stefnir Asset Management Company, approximately ISK 78 million
  • Edvin Austbø through Alden, approximately NOK 22 million

Icelandic Salmon intends to use the net proceeds to finance the growth and development of the company’s value chain within existing licenses, including investment in expanding smolt capacity, upgrading processing facility (Bíldudalur), farming equipment, brand initiatives and biomass building.

The first trading day on Merkur Market is expected to be around 27 October 2020.


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