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Camanchaca has earmarked US$50m from its share offer for salmon farming. Photo: Camanchaca
Camanchaca has earmarked US$50m from its share offer for salmon farming. Photo: Camanchaca

Chilean salmon and shellfish farmer and industrial fishing company Camanchaca has raised US$108 million (£76.5m) by listing on the Santiago and Oslo stock exchanges.

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The initial public offering (IPO) for the shares, with an individual price of 3,268 Chilean pesos (£3.82), was eight-times oversubscribed.

The company said the share sale raised for than US$50m for its salmon farming arm, Salmones Camanchaca, capital that will support its expansion and efficiency plan.

Ricardo Garcia:
Ricardo Garcia: "We are exhausted after this giant effort." Photo: FFE

Salmones Camanchaca president Ricardo García said: "We are exhausted after this giant effort that was made since we announced the IPO in the third quarter of 2017, but very proud of the appreciation of the work that Chileans have done to make salmon farming a sustainable, profitable, valued and respected industry in the whole world.

"Salmones Camanchaca has taken a great leap across borders not explored before, in the journey of seeking to be the best in the world."

The president of the Santiago Stock Exchange, Juan Andrés Camus, congratulated Salmones Camanchaca for its successful opening and affirmed that "it marks a new milestone in the Santiago Stock Exchange, since it is the first opening of a company in 2018 and the first one that takes place simultaneously in the local and Norwegian market."

In addition, he said that "this IPO reflects the growing interest of investors to access the opportunities offered by our securities market today".

The move has made Camanchaca the first Latin American salmon company to be listed on the Oslo exchange.

 

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