Benchmark Holdings, the market leading aquaculture biotechnology company, completed its NOK 158m private placement and dual listing on Euronext Growth Oslo on 15th December 2022.
The dual-listing in Oslo, the world’s leading seafood and aquaculture listing venue, is part of a broader strategic plan for the Company to access a unique financial aquaculture ecosystem and global base of specialist sector investors and analysts.
The transaction was cornerstoned by current shareholders and the Company attracted high quality long-only international investors, resulting in a healthily oversubscribed book despite challenging market conditions and the deal priced at a slight premium to the prevailing share price
Thorough early education was conducted with over 30 investors, providing a high degree of visibility on investor demand and valuation outcome pre-launch. A short period of wallcrossing led to launch of bookbuilding with strong support from the early look investors.
Given the high level of visibility, bookbuilding was limited to 4 days and the offering was launched as a fixed price offer with a fixed size at NOK 4.50. Books were covered on the full size within a couple of hours.
Allocations were to a mix of local and international long only funds, family offices and HNWIs for the limited remaining shares outside the cornerstone tranche.
STJ provided advice on all key aspects of the dual listing and capital increase:
- Ongoing strategic equity capital markets advisory services to Benchmark for its dual listing and capital raising ambitions for a period of over 9 months.
- Review of potential listing alternatives to ensure compatibility with Board’s strategic ambitions.
- Advice on optimising Benchmark’s investment case and building of an analyst model reflecting its exceptional cash flow and return on capital metrics well in advance of analyst presentation, capital markets day, and investor education and marketing.
- Advice on investor targeting approach for early look and pilot fishing meetings and roadshow/ bookbuilding.
- Advice on offer structure and management of existing shareholders.
- A line-by-line review of the proposed allocations STJ provided advice on all key aspects of the dual listing and capital increase.