Russian aquaculture firm Inarctica raises RUB 3 billion in public offering, posts higher sales in Q3 2023

Inarctica, Russia’s largest aquaculture company, has raised RUB 3 billion (USD 32 million, EUR 30 million) through a secondary public offering of 3.3 million shares sold for RUB 900 (USD 9.74, EUR 9.02) each.

The Moscow, Russia-based salmon- and trout-farming firm, which changed its name from Russian Aquaculture in August 2022, attracted more than 13,000 new investors and increased the free float of the company’s ownership to 17.8 percent, up 3.8 percent. The company’s shares are traded on the Moscow Stock Exchange, where it carries a valuation of around RUB 74 billion (USD 800 million, EUR 742 million).

“Demand at the time of book closing fully covered the expected placement volume. At the same time, placement at the lower end of the range also allowed institutional investors to enter and form a more balanced shareholder structure,” Inarctica General Director Ilya Sosnov said in a press release. “The company plans to use the funds raised from the sale of the treasury package for general corporate purposes, including investment projects as part of a vertical integration strategy aimed at multiple business growth over the next few years.”

Inarctica conducted a share buyback in July 2023 valued at RUB 1 billion (USD 10.8 million, EUR 10 million). In December 2022, it announced Maxim Vorobyov had reduced his ownership in the company from 47 percent to 23 percent and had stepped away from the board. The move follows Vorobyov’s selling of his stake in Russian Fishery Company in 2018.

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Photo courtesy of Inarctica