BioMar goes public with DKK 10.85bn valuation

Danish aquafeed group BioMar has today completed its stock market listing in Copenhagen, with shares sold at DKK 108 each and the company valued at DKK 10.85bn (€1.45bn / $1.70bn).

The listing marks the conclusion of a process that began in 2024, when BioMar’s owner, Schouw & Co., first said it was considering taking the company public, almost two decades after it first acquired the company in 2005.

According to BioMar, demand for the shares was stronger than the number available, and more than 10,800 new investors were allocated shares.

Trading began today, Thursday 28 May, using temporary share certificates under the symbol BIOMAR TEMP. The permanent BioMar shares are due to start trading on Nasdaq Copenhagen under the symbol BIOMAR on 2 June.

The total value of the share sale was DKK 2.7bn (€362m / $424m), rising to DKK 3.1bn (€415m / $487m) if the extra shares made available to cover additional demand are included.

BioMar itself raised DKK 50m (€6.7m / $7.9m) by issuing new shares. However, most of the shares sold came from its owner, Schouw & Co., which sold 24.7m existing shares, and BioMar will not receive money from that part of the sale, according to the announcement.

Schouw & Co. will continue to own most of BioMar after the listing. The company said new outside investors will hold either 25% or 29% of BioMar’s shares, depending on whether all the extra shares are used.

A group of five major investors bought shares worth DKK 1.35bn (€181m / $212m): ATP, Danske Bank Asset Management, DNB Asset Management, Nykredit Asset Management and TIND Asset Management.

The company said large Danish and international investors received 90% of the shares sold, excluding the extra shares made available to meet additional demand, while private investors in Denmark received the remaining 10%.

Schouw & Co. chief executive and BioMar chair Jens Bjerg Sørensen welcomed the new investors, saying, “Investor interest in a leading pure-play aquaculture specialist at the centre of a growing global industry has been overwhelming."

"The IPO of BioMar does not mark the end of Schouw & Co.’s ownership. We intend to remain a majority shareholder, reflecting our strong confidence in the business, its value creation potential, and its management team and dedicated employees,” he added.

BioMar CEO Carlos Diaz said the feedback from investors in recent weeks had been “both positive and encouraging.”

“We will work hard to deliver on the expectations of our new shareholders. The IPO is a good platform to continue our growth journey, driven by our high-quality product offering, commitment to sustainability and advanced feeding technology in a market supported by rising global demand for farmed fish and shrimp,” Diaz said.

Members of BioMar’s board, management team and some key employees bought shares worth a combined DKK 14.3m (€1.9m / $2.2m), and BioMar itself also bought shares worth DKK 25m (€3.4m / $3.9m) to cover a planned employee share programme.

The listing still depends on the share sale being completed as planned. Settlement is due around 1 June, with the temporary certificates due to be exchanged for ordinary BioMar shares on or around 3 June.

BioMar has agreed not to issue or sell further shares for 180 days, subject to the usual exceptions. Schouw & Co. has agreed to a 360-day restriction, as have BioMar board and management members who own shares in the company.