Edda Wind has more than sold out an initial public offering (IPO) of shares in Oslo just 15 minutes after its launch.
Bookbuilding opened at 0900 (0800 GMT) Oslo time on Tuesday and by 0915, Edda Wind had told the Oslo bourse that its investment bank managers had received orders meaning the transaction and its over-allotment option for shares was already over-subscribed.
The news indicates keen investor interest in a new renewable frontier for the shipping industry.
Last week, Gram Car Carriers pulled a $100m Oslo IPO due to lack of interest among US and UK institutional investors.
Edda Wind, an offshore wind vessel joint venture between Ostensjo Rederi and Wilh Wilhelmsen, is selling stock worth NOK 875m ($101m) as part of a listing in the Norwegian capital.
ABG Sundal Collier and DNB Markets are joint global coordinators and bookrunners, with Clarkson Platou Securities as a bookrunner.
These managers will receive additional shares equalling up to 15% of the offering — another $15m or so.
Stabilisation manager ABG Sundal Collier could receive another 15% on top of this, meaning a total extra cash raise of $30.3m.
Process due to close on 24 November
Bookbuilding had been due to close on 24 November.
The fixed price per share is NOK 30.75 and the deal gives a pre-money equity value for Edda Wind of about NOK 1bn.
The cash will go towards the equity finance portion of six new vessels being delivered from 2022.
Proceeds will also repay shareholder loans from Ostensjo and Wilhelmsen, and could also be used for further newbuilding contracts.
The company owns and operates two purpose-built offshore wind-service operation vessels (SOVs) and has six more ships under construction — two more SOVs and four construction service operation vessels (CSOVs).
The IPO was announced earlier in November when it was revealed that heavyweight investors John Fredriksen and Idan Ofer were taking part.
The two shipowners, together with Nordea Investment Management, are subscribing for NOK 465m of the shares.
