BioMar targets DKK 10.4bn valuation in planned public offering

Danish aquafeed group BioMar has published details of its planned listing on the Copenhagen Stock Exchange, setting a proposed share price of DKK 100-108 which would give the company a total value of around DKK 10.4 billion (EUR 1.39bn / USD 1.62bn).

The listing will include up to 500,000 new shares issued by BioMar, which are expected to raise DKK 50 million (EUR 6.69m / USD 7.78m). It will also include up to 24.7 million existing shares sold by the firm's parent company, the Danish industrial group Schouw & Co., which first announced the possibility of publicly listing BioMar back in 2024.

If extra shares are sold as part of the listing, the total value of the offer would be around DKK 3 billion (EUR 401 million / USD 467 million). Without those extra shares, the value would be around DKK 2.6 billion (EUR 348 million / USD 404 million), according to BioMar.

Schouw & Co. said it intends to remain BioMar’s long-term majority shareholder after the listing. BioMar said shares available to outside investors are expected to represent between 25% and 29% of the company’s share capital.

Several investors have already committed to buying shares, including ATP, Danske Bank Asset Management, DNB Asset Management, Nykredit Asset Management and TIND Asset Management, which have committed DKK 1.35 billion (EUR 181 million / USD 210 million) in total. BioMar said this represents around 51.6% of the offer.

The offer period opened on 20 May and is due to close no later than 27 May at 17:00 CEST. The final share price and allocation are expected to be announced no later than 28 May. BioMar’s ordinary shares are expected to begin trading on Nasdaq Copenhagen on 3 June under the symbol “BIOMAR”.

“Since BioMar became part of Schouw & Co. in 2005, the company has established a solid performance characterised by resilient growth, increasing profitability, capital efficiency and strong returns. What was once a smaller regional player has grown into a global business and is a leading provider of feed solutions in a structurally expanding industry," said Schouw & Co. CEO and BioMar chair Jens Bjerg Sørensen said.

"A separate listing of BioMar is fully aligned with Schouw & Co.’s strategy of long-term transformation and future-proofing of our portfolio businesses. At the same time, it provides an opportunity to unlock financial capacity for investments in existing or new portfolio businesses, while retaining a majority shareholding in BioMar,” he added.

BioMar CEO Carlos Diaz called the move "a significant milestone in BioMar’s history."

"A separate listing of BioMar will offer investors the opportunity to invest in a leading pure-play aquaculture specialist positioned at the centre of an expanding global industry. BioMar’s strong commitment to advancing an efficient and sustainable aquaculture through feed solution and feeding technology, combined with our long and profitable growth track record in a market supported by rising global demand for farmed fish and shrimp appears to resonate well with potential investors,” Diaz stated.

Morgan Stanley and DNB Carnegie are acting as bookrunners for the listing.