Edda Wind reveals plans for USD-102m IPO in Oslo

Edda Mistral SVO. Image: Edda Wind.

November 8 (Renewables Now) - Norwegian offshore wind service vessels operator Edda Wind announced on Monday that it will seek to raise NOK 875 million (USD 101.9m/EUR 88.5m) from a planned initial public offering (IPO) on Euronext Oslo.

The Haugesund-based company is equally owned by Østensjø Wind AS and Wilhelmsen New Energy, a division of shipping group Wilhelmsen. Edda Wind builds and owns service operation vessels (SOV) and commissioning service operation vessels (CSOV) for offshore wind farms. It currently has two SOVs, with another six being built for scheduled delivery from 2022. The new vessels will run on liquid organic hydrogen carrier (LOHC) systems so as to achieve zero greenhouse gas emissions.

Three cornerstone investors have conditionally agreed to buy stock for a total amount of NOK 465 million in the offering, at a price of up to NOK 30.75 per share. The price equals to a pre-money equity valuation for the Norwegian company of some NOK 1.02 billion.

Proceeds from the IPO will be used to fund Edda Wind's vessel-building programme. As developments in offshore wind increase, the company is assessing opportunities for building more new vessels to cater to the growing demand for SOVs and CSOVs.

(NOK 10 = USD 1.165/EUR 1.011)

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