Benchmark Holdings will be listed on Euronext Growth Oslo after raising NOK 158 million (€14.9 million / $15.6 million). The funding has been raised through an issue of 35,189,350 new shares under its private placement and Norwegian retail offering at a price of NOK 4.5 (€0,42 / $0.44).
According to the announcement to the stock exchange, the aquaculture biotechnology company plans to use the proceeds for general corporate purposes. After obtaining approval for admission last Monday, Benchmark is expected to begin trading on Euronext Growth Oslo on December 15. Prior to that day, the company must meet the remaining listing requirements.
In order to be listed on Euronext Growth Oslo, the Oslo Stock Exchange granted the company a waiver of the 15% share ownership spread requirement. Such waiver is subject to a minimum share ownership spread of 10% registered with VPS and a minimum of NOK 300 million (€28.4 million / $29.7 million) in free float registered with VPS on the first day of listing.
Benchmark, which reported strong growth with a 27% increase in revenue at the end of November, experienced a nearly 3% rise in its shares at Tuesday's close. Notice for the allocation of the offerings will be sent to investors on Wednesday. The shares will not be tradable until the first day of admission and prompt payment.
Benchmark Holdings offers products and solutions that enable aquaculture producers to improve their productivity and sustainability, helping to meet the need for sustainable aquafeed to feed a growing population. The company focuses on three complementary business areas – genetics, health and advanced nutrition – that are critical to the productivity and sustainability of aquaculture throughout the entire production cycle.