Arnarlax aims for IPO and Oslo listing

Aslak Berge

Iceland’s largest salmon farmer chasing funding round.

Arnarlax, a subsidiary of SalMar, has engaged investment bank DNB Markets as sole global coordinator in connection with a potential private placement and listing on Merkur Market, expected to take place during 2020. Following the listing on Merkur Market, Arnarlax will continue to consider the potential for a future listing on Oslo Stock Exchange or Oslo Axess, the company said in a statement.

Arnarlax can currently be traded on the NOTC list for unlisted shares.

Arnarlax is 59.4 per-cent owned by SalMar, and operates through its subsidiary Arnarlax ehf. for its fish farming activities in Iceland. SalMar is not considering to sell any shares in connection with the transaction and will maintain ownership of at least 50 per-cent in Arnarlax following the private placement.

The company currently has licenses with 25,200 tonnes of capacity (maximum allowed biomass) on the west coast of Iceland, and also has applications for an additional 14,500 tonnes of capacity (MAB). Arnarlax expects approximately 12,000 tonnes of harvest volume in 2020, 14,000 tonnes in 2021, and then will gradually increase harvest volume to approximately 30,000 tonnes in 2024, according to the current business plan.