Arnarlax parent lists on Iceland Nasdaq

Icelandic Salmon, the parent company of Arnarlax, has been listed on Iceland’s Nasdaq First North Stock Market for the first time, with a value of around ISK 71bn (almost £420m).

The company, in which the Norwegian salmon giant SalMar has a majority stake, had previously been listed on Norway’s Euronext Growth market.

The opening price per share was ISK 2,260. It rose to ISK 2,500 and then fell again as the day went on, ending at ISK 2,300 (£13.60). It is thought the move will make the company more accessible to Icelandic investors.

CEO Bjørn Hembre said: “We are proud to be on the Nasdaq First North growth market in Iceland.

“Arnarlax’s work is well known to Icelanders, who are known for their love of seafood and its sustainable use. This registration is a very important part of our road to further growth and we are grateful for the interest we have found.

The move marks an impressive step forward for a business that is 14 years old. It was founded as a relatively small family venture around 2009-10. SalMar bought into the company in 2015 and the first harvest followed a year later.

Thanks to considerable investment, it is now the largest producer of farmed salmon in Iceland, operating eight ice fields in three fjords in the southern Vestfjords region under the name Arnarlax ehf., which has been based in Bíldudal since its foundation.

Since those early days, the population of Bíldudal has almost doubled to 280, largely thanks to the presence of Icelandic Salmon.