Fred Olsen Windcarrier kicks off EUR-150m IPO in Oslo

Source: Oslo Børs

February 14 (Renewables Now) - Offshore wind turbine installation company Fred. Olsen Windcarrier ASA (FOWIC) is launching its initial public offering (IPO) in Oslo, seeking to raise NOK 1.5 billion (USD 168.2m/EUR 148.6m) through a retail and institutional placement.

The transaction will include an offering of up to 26 million newly-issued shares at a price of between NOK 50 and NOK 55 apiece, which will give the company a pre-money equity valuation of NOK 2.5 billion-2.75 billion. Additionally, up to 15% of the total number of shares will be issued to cover over-allotments. The deal manager will be given a greenshoe option it may exercise within 30 days after the transaction.

FOWIC, which is part of Norwegian group Bonheur ASA’s (OSL:BON) subsidiary Fred. Olsen Ocean Ltd, aims to list its stock on the Oslo Stock Exchange. It expects its shares to be admitted and start trading around February 24, 2022.

The Oslo-based business will use the raised funds to cover the equity portion for a fourth jack-up installation vessel it wants to order, as well as for general corporate purposes.

Bonheur intends to remain a long-term majority shareholder and to subscribe for EUR 25 million in the IPO. After the deal, it is expected to own around 68.8% of FOWIC, provided that all 26 million shares are sold and the greenshoe option is exercised in full.

The bookbuilding period for the institutional offering and the application period for the retail offering are planned to start on February 15 and end on February 22. According to FOWIC, significant anchor interest has been received from investors, including Nordic institutions and international sector specialists.

Arctic Securities AS and DNB Markets are acting as joint global coordinators and joint bookrunners of the IPO.

(NOK 1.0 = USD 0.112/EUR 0.099)

Join Renewables Now's free daily newsletter now!

More stories to explore
Share this story
About the author
Browse all articles from Veselina Petrova

Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription