Salad and herb producer Kalera wants to raise nearly one billion kroons and go public

Kalera, which produces indoor salads and herbs in the USA, will raise 930 million Norwegian kroner in a private issue and will list its shares on the Merkur market on the Oslo Børs, according to Wednesday’s announcement.

On the owner’s side, investor and billionaire Stein Erik Hagen and his Canicaga family own 7.27 percent of the shares. The subscription price has been set at NOK 30, and Kalera’s value before the issue is NOK four billion.

– This private investment will enable Kalera to take the next step in its rapid US and international expansion and become a true global leader in the vertical cultivation of fresh, clean and nutritious leafy greens near urban centers, says Kalera CEO Daniel Malechuk in his message.

Raised money many times

Kalera is currently listed on the over-the-counter gray stock exchange and has raised funds in several rounds this year. The company has two growing facilities in Orlando, USA that supply lettuce to local area stores and restaurants.

US facilities are currently under construction in Atlanta, Houston, and Denver, which are expected to open in 2021.

After the issue, the company’s total equity financing will reach approximately US$160 million in 2020. In addition to the company’s general objectives, the money from the issue will be used to finance the construction of new facilities both in the US and internationally as part of the company’s 2021 “access plan”.

The company produces a number of different lettuces such as Bibb, Oakleaf, Frisee, Kalera Krunch and mini-Romaine, as well as herbs such as cilantro, mizuna and pea shoots.

They are on the owner’s side

The largest Norwegian owners are Stein Erik Hagen and his family, real estate billionaire Erik Bøhler and chairman of the board Bjørge Andre Gretland. Oil investor Berge Gerdt Larsen and his son Brede Bjøvad Larsen are also on the owner’s side.

Based on the subscription price, the stake of Stein Erik Hagen and his family is worth NOK 290 million.

ABG Sundal Collier and Arctic Securities are assisting in the capital raising and listing. Bank and American Merrill Lynch International is the financial advisor. Advokatfirmaet Thommessen is the company’s legal advisor, while Advokatfirmaet Schjødt is the organizers’ legal advisor.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our cases with links that lead directly to our pages. Copying or otherwise using all or part of the content may only be done with written permission or as permitted by law. Additional terms and conditions can be found here.

Leave a Comment

Your email address will not be published. Required fields are marked *