Hampidjan Group begins listing on Nasdaq Iceland Main Market

Reykjavik, Iceland based Hampidjan Group began trading on the Nasdaq Iceland Main Market on 9 June.

Founded in 1934, Hampidjan has grown to encompass 51 companies making products and offering services to the fisheries, aquaculture, and offshore industries.

“We proudly welcome Hampiðjan to the Main Market of Nasdaq Iceland and at the same time celebrate the company’s 30-year milestone as a listed company,” Nasdaq Iceland President Magnus Hardarson said in a press release. “We congratulate Hampiðjan on its share offering, and we look forward to supporting them on their ongoing journey as a listed company, through increased visibility and investor access as a Main Market company.”

Hampidjan manufactures pelagic trawls for fishing of redfish, blue whiting, and herring, bottom trawls for shrimp and langoustine fishing, and ropes used in aquaculture and offshore applications. Hampidjan currently operates in 29 countries including Iceland, norway, Greenland, Canada, and the United States, and has 2,000 employees worldwide. Previously, the company’s stock had traded on Nasdaq’s First North Iceland exchange.

On 2 June, Hampidjan raised ISK 10.9 billion (USD 80 million, EUR 73.3 million) in a public share offering. The funds are being used to recapitalize Ålesund, Norway-based Mørenot Group, which Hampidjan purchased in December 2022. After taking over the company, Hampidjan announced a restructuring designed to lower costs, which Hampidjan said had become “too expensive and costly compared to the underlying operations.”

“The offering proceeds will be utilized to reorganize Mørenot's debts and to finance further development in Hampidjan’s production facilities, in order to capitalize on the substantial synergy opportunities involved in the acquisition,” Hampidjan said. “Hampidjan has grown significantly in the past decade and revenues have multiplied in the period through acquisitions and internal growth. Hampidjan 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 Hampidjan’s position significantly and create opportunities for further growth in the company's main markets."

Hampidjan’s shares are currently trading for ISK 128 (USD 0.94, EUR 0.86) each. Hampidjan CEO Hjörtur Erlendsson called the move to the Nasdaq Main Market an” important step.

“The successful offering of new share capital last week, together with the listing on the Main Market, enables us to fully utilize the synergy opportunities inherent in our recent acquisition of the Norwegian company Mørenot and achieve optimization of the company's operations,” Erlendsson said. “Extensive knowledge of fishing gear and fish farming, together with strong product development, has put us in the forefront of companies that serve those important sectors, and we want to continue on the same path and reinforce Hampidjan even further. We are truly pleased to see that investors share our vision and warmly welcome new shareholders on board.“

Photo courtesy of Hampidjan