BW Ideol is considering raising Nkr500m (€50m) through a share offering in order to fund the development of its project pipeline working capital requirements and for general corporate purposes.
The company, formed when Norwegian outfit BW Offshore became the strategic owner of floating offshore wind pioneer Ideol, is contemplating a private placement.
It has also applied for subsequent shares to be traded on Euronext Growth Oslo, a multilateral trading facility operated by the Oslo Stock Exchange.
A bookbuilding period for the offering was launched today and will close at 2pm Oslo time on 12 March.
The company said it may, however, at any time resolve to close or extend the bookbuilding period at any time and for any reason at its sole discretion and without notice.
BW Ideol said the offering will be directed towards Norwegian and international investors.
Up to 10,638,298 new shares would be offered at a price of Nkr47 per share.
The company added that managers may elect to over-allot up to 1,595,745 shares, raising gross proceeds of up to approximately Nkr75m, representing 15% of the size of the offering.
BW Offshore, through its wholly-owned subsidiary BW Offshore Holding, has pre-committed to subscribe for Nkr100m of the offering, while Kerogen Energy Fund II, the largest shareholder in Ideol, will receive shares worth Nkr118m.
Carnegie and Nordea Bank Abp, filial i Norge have been appointed to advise on and manage the private placement.
Settlement is expected on or about the 18 March, when trading of shares with start on Euronext Growth.