Laxey raises €28 million in expanded equity offering.
Laxey, the Icelandic land-based salmon farming company, has completed an additional equity raise of €28 million to finance the construction of Section 2 of its grow-out facility in Vestmannaeyjar. The offering was significantly oversubscribed and expanded beyond initial plans.
In total, Laxey has increased its share capital by €63 million in 2025, with roughly half of the amount coming from new investors. Iceland’s three largest pension funds—LSR, LIVE, and Gildi—have joined the shareholder group, alongside strategic international and private investors. Following the raise, the family of founder Sigurjón Óskarsson remains the largest shareholder with a 38% stake. International investors hold 21%, and domestic pension funds hold around 20%.
The new capital will support the development of a large smolt facility in Viðlagafjara, adjacent to the grow-out tanks. The facility will house eight 1,100m³ tanks under cover to enhance biosecurity and capacity utilisation.
Laxey’s smolt station is now fully operational, with the first batch of fish expected to reach harvest weight of 4–5 kg by November 2025. Construction of the company’s processing plant is also underway and expected to be completed this autumn.
Work has begun on Section 2 of the grow-out station, with the first exterior tank walls in place and construction proceeding on schedule.
Arion Bank served as lead manager for the share offering, with Mar Advisors acting as financial advisors.