January 26, 2021

 

Proximar Seafood seeks to list on Euronext Growth Oslo exchange

 

 

Norway-based Proximar Seafood AS has initiated a private share placement of NOK400 million (US$47.3 million), with plans to list on the Euronext Growth Oslo exchange.

 

The company is currently looking to establish a recirculating aquaculture system (RAS) facility in Japan that will raise up to 26,400 tonnes of Atlantic salmon in Yama, Japan.

 

In a January 21 filing with Euronext, the company said it anticipated the first day of public trading of its shares to be on or around February 3.

 

The company's private placement includes more than 24 million shares at a subscription price of NOK16.20 (US$1.92) per share. That price values Proximar's current value at approximately NOK245 million (US$29 million), based on its 15,096,290 shares currently outstanding.

 

Proximar's new investors include aquafeed manufacturer Nutreco, which purchased NOK35 million (US$4.1 million) in Proximar shares. The family of Per Grieg, founder of salmon farming firm Grieg AS, had invested NOK22.9 million (US$2.7 million) and Espen Aubert, founder of investment firm Daimyo AS has invested NOK25 million (US$3 million). Helge Nielson, founder of business consultancy Helida AS, had bought shares worth NOK1.5 million (US$178,000).

 
"This private placement is an important milestone for the company, bringing us one step closer to our goal of serving fresh Atlantic salmon to the Japanese market on the same day as harvest," Proximar Seafood CEO Joachim Nielsen said in a press release.

 

Proximar's plans for its facility in Japan, which will be located near Mount Fuji, include a 'phase one' facility that will have a capacity to farm up to 5,300 tonnes of head-on, gutted Atlantic salmon. The company said it has signed a contract with AquaMaof to provide the infrastructure for the RAS system, and it expects to begin construction on that facility in the next few months, with its first harvest to be competed in the first half of 2024.

 

Proximar also announced eventual plans to expand its facility to farm approximately 21,100 tonnes in a facility to be built adjacent to the phase one facility.

 

- SeafoodSource