November 24, 2023

 

Norwegian aquaculture firms experience undersubscribed share offerings on Oslo Børs

 
 


Atlantic Sapphire and Gigante Salmon, prominent land-based salmon-farming firms listed on the Oslo Børs, have faced undersubscribed subsequent share offerings in the past week, SeafoodSource reported.

 

This occurrence is not exclusive to these companies, as other aquaculture firms on the Oslo Børs have also seen subsequent offerings fall short of the maximum value on offer.

 

Atlantic Sapphire, currently constructing a salmon recirculating aquaculture system (RAS) facility in Miami, successfully achieved its NOK 702 million (US$65.1 million) goal for a private placement in September 2023. Subsequently, the company announced an offering of up to 100 million new shares, aiming for additional proceeds of NOK 140 million (US$12.9 million). However, the subsequent offering resulted in the sale of only 18.2 million offer shares for NOK 1.8 million (US$167,000).

 

Gigante Salmon, based in Bodø, Norway, and focused on a flow-through salmon aquaculture system, faced a similar situation. After a successful private placement in October, raising NOK 200 million, the subsequent offering of over 2.77 million new shares fell short, with only 840,445 shares purchased, raising NOK 6 million.

 

-      SeafoodSource

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