Norway-based Lumarine, a producer of farmed cod fry and cleaner fish, particularly lumpfish, has introduced plans to record on Oslo’s Euronext Progress market later this month.
The corporate, which is currently owned by investor Christen Sveaas, is trying to increase NOK 360 million (€35.6 million/$42.4 million) via the itemizing, scheduled for April 26.
Sveaas acquired a majority stake in Lumarine for NOK 15.5 million ($1.8 million/€1.5 million) simply final 12 months. Sveaas used the automobile to amass lumpfish producer Atlantic Lumpus, and smolt producer Njord Salmon.
The value per share is NOK 3.40 (€0.34/$0.4), which values the corporate’s share capital at NOK 402 million (€39.8 million/$47.4 million) earlier than the capital improve.
Lumarine produces cod fry and cleaner fish at websites in Tommervag, Tjeldbergodden and Sleneset, Norway.
Present shareholders and administration will purchase shares for round NOK 25 million (€2.5 million/$2.9 million) as a part of the itemizing.
Three key traders have subscribed for shares value NOK 130 million (€12.9 million/$15.3 million), together with Evermore International Advisors with NOK 65 million (€6.4 million/$7.7 million), Handelsbanken Fonder with NOK 40 million (€4 million/$4.7 million), and Blackcrane Capital with NOK 25 million (€2.5 million/$2.9 million).
In 2019, Lumarine posted a loss earlier than tax of NOK 5.9 million (€583,535/$695,137) and had revenues of NOK 62.4 million (€6.2 million/$7.4 million).
Although sea lice is much and away the business’s largest fish well being value, issues concerning the environmental affect of chemical therapies and elevated resistance to these chemical substances have prompted corporations worldwide to hunt out alternate options, with good outcomes coming from applied sciences akin to hydrolicers, warmwater therapies, and promising developments in every little thing from sea lice-eating cleaner fish to genetics to lasers.
Arctic Securities and Pareto Securities are advising on the itemizing.