Salmon Evolution is raising approximately NOK 400 million (€36.8 million) through a private placement of new shares, according to a term sheet issued by Arctic Securities.
The shares are being offered at NOK 4.50 per share, representing a discount to the company’s pre-money market capitalisation of around NOK 2.3 billion (€211.6 million).
Arctic Securities, DNB Carnegie and Nordea Bank are acting as joint bookrunners.
The company said net proceeds will be used to repay a short-term facility with DNB Bank and Nordea Bank, and to provide capital buffers for completion of the Indre Harøy phase 2 expansion project.
In parallel, the company’s bank syndicate has credit-approved a refinancing package, including a NOK 250 million (€23.0 million) increase in long-term facilities. The debt is structured over three years with a one-year extension option and a repayment profile of around 15 years starting in the first quarter of 2028.
Pre-subscriptions exceed NOK 200 million (€18.4 million), with existing shareholders including Ronja Capital Investment and Farvatn Private Equity committing more than NOK 100 million. Kontrazi, a new investor, has committed NOK 100 million (€9.2 million).
A separate retail offering of up to €1 million equivalent is being conducted in parallel via Nordnet Bank.
The bookbuilding period opened on 28 April and is scheduled to close on 29 April. Allocation is expected the same day, with first trading of the new shares planned for 30 April and settlement on 4 May 2026.
The board said it will consider a subsequent offering for eligible shareholders not included in the private placement.