Icelandic Salmon begins trading on Nasdaq First North Growth Market exchange

Kverva, Norway-based aquaculture company Icelandic Salmon AS, which owns producer Arnarlax and other subsidiaries farming Atlantic salmon in Iceland, has been listed on the Nasdaq First North Growth Market.

The company, which is 51 percent owned by SalMar, expects to harvest 16,000 metric tons of salmon this year, making it the largest aquaculture company by production in Iceland. Through Arnarlax, the Bíldudalur-based company operates eight aquaculture sites in three fjords in the southern part of Iceland’s Westfjords.

Icelandic Salmon CEO Bjørn Hembre rang the opening bell on the market’s floor in Reykjavik in celebration of the listing on the board for European small-and medium sized companies on 29 September. 

“We are proud to be listed on the Nasdaq First North Growth Market in Iceland," Hembre said. "Arnarlax's operations are well known to Icelanders, who are also known for their love of seafood and the importance of sustainable fisheries practices. This listing is an important milestone in our roadmap for further growth and we are grateful for the interest we have felt from Icelandic investors. It is therefore our great pleasure to welcome Icelandic shareholders, large and small, to the company. We look forward to working with them in the future.”

Icelandic Salmon’s stock is now trading on the Nasdaq First North Growth Market under the “ISLAX” ticker symbol. The stock price has dropped from ISK 2,500 (USD 18.27, EUR 17.26) to 2,280 (USD 16.66, EUR 15.74) since it was listed.

"We warmly welcome Icelandic Salmon to the Nasdaq First North Growth Market," Nasdaq Iceland President Magnus Hardarson said. "Icelandic Salmon is the first aquaculture company to list on the Icelandic market, which increases its breadth and gives investors new opportunities to invest in a very rapidly growing industry. The listing will increase the company‘s visibility and knowledge of aquaculture in Iceland, and we look forward to supporting them going forward."

In a fact sheet released with the opening, the company listed its revenue as EUR 158 million (USD 167 million) in 2022, EUR 91 million (USD 96.3 million) in 2021, and EUR 62 million (USD 65.6 million) in 2020, EUR 67 million (USD 70.9 million) in 2019, and EUR 52 million (USD 55 million) in 2018. Its earnings before interest, taxes, depreciation, and amortization (EBITDA) was listed at EUR 51 million (USD 54 million) in 2022, EUR 10 million (USD 10.6 million) in 2021, EUR 8 million (USD 8.5 million) in 2020, EUR 13 million (USD 13.8 million) in 2019, and EUR 2 million (USD 2.1 million) in 2018.

Icelandic Salmon has been listed on the Euronext Growth market in Norway since 2020. The new listing in Iceland will allow investors to buy affiliated shares, which are separate from Euronext Growth shares, it said in a statement outlining the company's decision ahead of the listing.

"The aim of the listing is to support the operational ambitions of the company by enabling new local investors to participate in the company’s growth story and value creation," it said. "A First North listing is expected to contribute to an increased interest in the affiliated shares and the company among investors, as well as among suppliers, media, and other stakeholders. Additionally, a First North listing provides increased liquidity in the trading of the affiliated shares, which is advantageous for existing shareholders."

In its Capital Markets Day presentation on 28 September, it said it could expand its production to 26,000 MT annually within its existing licenses, and up to 30,000 MT if a new structure for the salmon-farming sector currently under consideration is approved by Iceland’s government. Additionally, it is applying for new farming licenses for carrying capacity of 10,000 MT in Ísafjörður and 4,500 MT in Arnarfjörður, giving it a total potential of nearly 50,000 MT of annual MAB.

Hembre has been bullish about the company's potential, particularly if it can begin to send larger, regular shipments of fish to the U.S.

Photo courtesy of Nasdaq First North Growth Market