Gigante nets more from share sale after strong investor demand
Salmon farmer increases value of private placement by 11% to NOK 360 million
Norwegian landbased fish farmer Gigante Salmon has raised a total of NOK 360 million (£27.8m) through a private placement and a public offering of shares in the company.
Gigante Salmon said the net proceeds will be used to support the next phase of its growth, including necessary and strategic improvements to the company's flow-through salmon facility on the island of Lille Indre Rosøy in Rødøy municipality, Nordland, working capital, and general corporate purposes, including repayment of short-term loans.
The company said the private placement attracted such strong investor demand that it raised the initial offer size by NOK 37.5 million (approximately 11% of the original size) to NOK 360m.
Owner keeps majority
Directors agreed to issue 47 million shares for the private placement and 1 million for the retail offering, at a price of NOK 7.50 per share.
Gigante Salmon’s largest shareholder, Gigante Havbruk, has been allocated 6,950,000 of the private placement shares for NOK 52.125m.
This ensures that it will hold at least more than 50.01% of the shares in Gigante Salmon following completion of the private placement, retail offering, and a proposed subsequent offering of 5,333,333 shares that could raise a further NOK 40m. The subsequent offering, subject to approval at an extraordinary general meeting, is for existing shareholders who didn’t take part in the private placement.
16,000-tonne target
Gigante Salmon announced in January that it had completed the first harvest from its autumn 2024 generation, resulting in a volume of 345 tonnes head on gutted (HOG). The harvested fish had an average weight of 3.0 kg HOG, with 94% superior share and an economic feed conversion rate (eFCR) of 1.04.
By the end of Q4, 2025, Gigante Salmon had accumulated a standing biomass of a total 3,000 tonnes.
The company is on track to increase production and work towards a full capacity of 16,000 gutted weight tonnes annually from 2028.
