THE KINGFISH COMPANY IS HEADING FOR AN IPO LISTING
Land-based yellowtail farmer The Kingfish Company is heading for an IPO listing on the Merkur Market in Oslo. This development comes on the back of the acceleration of its roll-out plan in both the US and Europe, supported by recent critical permitting milestones, and above design level results of its hatchery and grow-out operation.
“We are excited by our recent progress across production, sales, and expansion activities, and view the Oslo Merkur Market an enabling platform as we look to scale up our business and transform our first mover position into a long term competitive advantage as a vertically integrated RAS aquaculture operator in the EU and the US”, said The Kingfish Company CEO Ohad Maiman.
The fundraising and listing process will be led by financial advisors DNB Bank (Global Coordinators); Arctic Securities (Joint Bookrunner); and Rabobank & Swedbank in cooperation with Kepler Cheuvreux (Joint Bookrunner); Legal advisors – Wikborg Rein (Norway); DeRoos (Netherlands).
The round is expected to be substantially supported by the company’s largest shareholders – Rabobank Corporate Investments (RCI) and the French Mulliez family office Creadev.
The Kingfish Company recently secured a major water side permit allowing for its discharge and intake pipelines for its operations in the US state of Maine, where it is looking to start construction of its US production facility in H2 2021, with initial planned production capacity of 6,000-8,000 tons/annum of Kingfish Yellowtail. This follows a lengthy consultation process with the local community and relevant governmental organizations, Maiman said.
The company also plans to continue to seamlessly expand its European business in the Netherlands, where it intends to initiate its next phase expansion roll-out in early 2021 increasing installed capacity from ~1,250 to ~2,750 tons/annum.
The company’s Dutch subsidiary, Kingfish Zeeland, showed significant progress through H1 2020. This included recording substantial production improvements and redirecting volumes in Europe to retail through COVID-19, such as listing in retail giant Whole Foods Market in the United Kingdom, enabling the company to retain full sales run rate during HORECA/Hotel, Restaurant, Café closures.
In parallel, the company managed to continue with its current expansion project in The Netherlands on time and on budget, and to accelerate the timeline of its imminent 2021 roll-out prospects for both its European and North American operations.
These expansions would make The Kingfish Company the largest producer of Yellowtail Kingfish in both the EU and the US.
Maiman expects the shares to be admitted to trading on the Merkur Exchange in the short term, however he declined to disclose the pricing and amount the company expects to raise.