Fish farmer Nordic Halibut this week resumed plans for an Oslo Stock Exchange listing by submitting an application to join the Euronext Growth market. The company surprised many by withdrawing plans for a public offering last month, but has now chosen to go for a private placement with selected investors.
The company said the current owners along with invited investors are financing the plans for growth and development of halibut farming on a large scale in the coming years.
Nordic Halibut has so far raised NOK 115m (£9.8m) in new capital that partially finances the company’s growth plans.
It described halibut, a prime white fish popular on high end restaurant menus, as a species that is now ready for upscaling biologically and technologically.
CEO Edvard Henden said: “On that basis, we will scale up production significantly and build a market position. With the capital that is now in place, we get the opportunity for large-scale production and open new markets.
“The growth plans involve building up a production that makes it possible to produce 4,500 tonnes of halibut annually in five years, and 9,000 tonnes in 2030.”
He added: “We have space and the opportunity to produce halibut in a much larger volume than we do today, and are now developing the company to be able to deliver what the market demands at any time.”
Nordic Halibut says it controls the entire value chain from roe to finished food fish, in a process that takes just over four years, giving it a competitive advantage over other producers
The company says compared to other farmed fish, halibut is special with its usability, shelf life, nutritional value and a fillet share of as much as 65%, which lays the foundation for future-oriented and sustainable superfoods. Each fish produces four fillets, not two such as cod and salmon.