Publication of Prospectus and Hampiðjan‘s Public Offering
Reykjavík, Iceland, 24 May 2023 – Hampiðjan (the „Company“), a world leader in developing and servicing products for the fisheries, aquaculture and offshore industries, has published a Prospectus in relation to a public offering and listing on the Regulated Market of Nasdaq Iceland.
Key information on the public offering and intended listing on the Regulated Market of Nasdaq Iceland
- The public offering will be comprised of 85,000,000 new shares in the Company, equal to 13.37% of total shares following the share capital increase.
- The public offering is split into two Order Books, Order Book A where 17,000,000 new shares will be offered at a fixed price of ISK 120 per share and Order Book B where 68,000,000 new shares will be offered at a minimum price of ISK 120 per share.
- The minimum price in the public offer, ISK 120 per share, equals a 14% discount on the volume weighted average price (VWAP) of the Company’s shares on First North Iceland in the past month.
- The subscription period will commence at 10:00 GMT on 25 May 2023 and end at 14:00 GMT on 2 June 2023.
- Further information regarding the public offer and its terms can be found in the Company‘s Prospectus, which has been approved and published by the Financial Supervisory Authority of the Central Bank of Iceland today, 24 May 2023.
- The Company has applied for admission to trading of its shares on the Regulated Market of Nasdaq Iceland. The first day of trading in the shares is expected to be on 9 June 2023, conditional on Nasdaq Iceland approving the Company‘s application prior to the first day of trading.
Hjörtur Erlendsson, CEO of Hampiðjan:
„Hampiðjan‘s shares have been listed on the Icelandic stock market in various forms for almost 40 years. As such, we are proud to announce a proposed admission to trading on the Regulated Market of Nasdaq Iceland, alongside a public offer of new shares in order to support Hampiðjan‘s acquisition of the Norwegian company Mørenot. The offering proceeds will be utilized to reorganize Mørenot‘s debts and to finance further delelopment in Hampiðjan‘s production facilities, in order to capitalize on the substantial synergy opportunities involved in the acquisition. Hampiðjan has grown significantly in the past decade and revenues have multiplied in the period through acquisitions and internal growth. Hampiðjan is a world leader in producing, developing and servicing products for the fisheries, aquaculture and offshore industries. The offering and acquisition of Mørenot will strengthen Hampiðjan‘s position significantly and create opportunities for further growth in the company‘s main markets.“
- Hampiðjan was founded in 1934 and is a world leader in developing and servicing products for the fisheries, aquaculture and offshore industries. There are 51 companies in the Hampiðjan group, with service at 76 locations in 21 geographical areas, stretching all the way from Dutch Harbour in Alaska in the west and to Nelson in New Zealand in the east. The Company employs around 2,000 individuals globally.
- Admission to trading on the Regulated Market of Nasdaq Iceland will improve the Company‘s visibility and allow for access to a greater number of investors. The public offer will improve the Company‘s financial position and allow for the realization of synergy opportunities involved in the acquisition of Mørenot.
- Of the net proceeds of the offering, 60% is expected to be utilized for the restructuring of Mørenot’s debts, while 40% is expected to be utilized for investments aimed at realizing synergies involved in the acquisition.
- Product development and innovation are at the core of Hampiðjan‘s operations, reflected in its motto, “Relentless product development is the essence of our being“. Hampiðjan holds around 41 patents for various products.
- Hampiðjan has grown significantly in recent years based on M&A alongside strong internal growth. According to pro forma financial information for the consolidated entity of Hampiðjan and Mørenot for the year 2022, the Company‘s revenues have increased by a factor of six since 2015 and EBITDA has increased by a factor of five in the same period, when adjusted for one-off items.
- For the period 2015 – 2022, 60% of the Company‘s revenue increase can be attributed through external growth with 40% coming by way of internal growth. For EBITDA, 50% can be attributed to external growth and 50% to internal growth.
- The Company has invested significant amounts in infrastructure and production equipment in recent years. Hampidjan Baltic, the Company’s main production facility, is one of the most technologically advanced facilities of its kind.
- The Company‘s revenues in 2023, following the acquisition of Mørenot, are expected to reach EUR 320 – 340 million with an EBITDA margin of 13.5 – 14.5%, adjusted for one-off costs related to the acquisition and the public offering. The Company projects that significant synergies will be realized in relation to the acquisition of Mørenot, and revenues in 2027 are projected to reach EUR 420 – 440 million with and EBITDA margin of 16.5 – 17.5% after a majority of the perceived synergies have been realized.
Arion banki hf. acts as the Manager of the public offering as well as the admission to trading of the Company’s shares on the Regulated Market of Nasdaq Iceland hf.
Further information on Hampiðjan, the Company’s shares and the terms of the public offering can be found in the Company’s Prospectus, dated 24 May 2023, in addition to an investor presentation, both of which have been published on www.arionbanki.is/hampidjan.
For assistance regarding the public offering, please contact Arion Bank Securities Services by telephone, +354 444-7000 between 09:30 GMT and 15:30 GMT on 25 May to 2 June, or by email email@example.com.