Ocean Sun Raises NOK100m In IPO

Norwegian Floating PV Specialist Ocean Sun Gets Listed On Merkur Market; First Trading Day on Oct. 26
11:10 PM (Beijing Time) - 16. October 2020
Ocean SunOcean Sun

Ocean Sun's private placement was directed towards Norwegian and international investors, with the minimum application and allocation amount per investor set to NOK equivalent of EUR 100,000. (Photo Credit: Ocean Sun)

Key Takeaways

Key Takeaways:

  • Ocean Sun, has got listed on Merkur Market in Norway, an online multilateral trading facility operated by Oslo Stock Exchange
  • About 5,555,500 new shares have been allocated in the company at a price of NOK 18 per share, raising gross proceeds of approximately NOK 100 million
  • It also sold 2,777,500 existing shares in the company at the Offer Price by certain existing shareholders with gross proceeds of approximately NOK 50 million
  • The private placement garnered huge interest from international high-quality institutional investors in Norway and was oversubscribed
  • The net proceeds will be used to expand the organization, fund continued research and development

Norway’s Floating Solar PV Specialist, Ocean Sun, is now listed on Merkur Market, an online multilateral trading facility operated by Oslo Stock Exchange. Fearnley Securities AS has been appointed to act as manager and bookrunner in the private placement.

About 5,555,500 new shares have been allocated in the company at a price of NOK 18 per share, raising gross proceeds of approximately NOK 100 million, and 2,777,500 existing shares in the company at the Offer Price by certain existing shareholders with gross proceeds of approximately NOK 50 million. The first day of trading on Merkur Market is expected to be on or about 26 October 2020.

The private placement garnered huge interest from international high-quality institutional investors and well reputed Norwegian and Nordic institutions and family offices, and was well oversubscribed.

Chief Executive Officer of Ocean Sun Børge Bjørneklett said, “I am very pleased with the investor interest we have received in the placement. We see multiple growth opportunities within floating solar. A listing on Merkur Market facilitates a foundation to leverage years of development and testing, as well as pursue growth opportunities going forward.”

Members of the company’s board, including the CEO, as well as the selling shareholders and certain other existing large shareholders, have (subject to certain exemptions) entered into customary lock-up arrangements with the manager, with a lock-up period of 6 months.

The net proceeds will be used to expand the organization, fund continued research and development, as well as working capital and general corporate purposes. The secondary shares’ proceeds will be used for the benefit of the selling shareholders.

Last year, Norway based energy company Statkraft has contracted Ocean Sun AS to deliver a 2 MW floating solar power plant at the Banja reservoir in Albania (see Ocean Sun To Develop 2 MW Floating PV For Statkraft).

 

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani