Gigante Salmon has raised NOK 360 million ($34.92 million) through an upsized private placement and retail offering, following strong investor demand.
The company had originally targeted gross proceeds of up to NOK 322.5 million ($31.28 million), but increased the offer size by NOK 37.5 million ($3.64 million), or around 11%, after the private placement was oversubscribed.
The transaction comprises a private placement of 47 million new shares and a retail offering of 1 million new shares, all priced at NOK 7.50 per share. The private placement will be settled in two tranches, with 43 million shares issued under existing board authorisation and a further 5 million shares subject to approval at an extraordinary general meeting.
Gigante Salmon’s largest shareholder, Gigante Havbruk AS, has been allocated shares and will remain the majority shareholder with more than 50% ownership following completion of the transactions and a planned subsequent offering.
The company said net proceeds will be used to support the next phase of growth, including upgrades to its facility in Rødøy, working capital, and general corporate purposes, including repayment of short-term loans.
DNB Carnegie, part of DNB Bank ASA, together with Pareto Securities AS and SB1 Markets AS, acted as joint managers and bookrunners.
The first tranche of new shares is expected to settle on or about 13 February, with first day of trading on Euronext Growth Oslo shortly thereafter. The company also said it will initiate a process to assess a potential listing on Euronext Oslo Børs.
