Investor Aker Horizons has raised over Nkr5.6bn (€530m) in a fundraising effort that will partly be used to finance the acquisition of Mainstream Renewable Power.
The drive includes a private placement of shares totalling Nkr4.1bn and a convertible bond issue of Nkr1.5bn.
The private placement attracted “significant interest from leading domestic, Nordic and international institutional investors” including DNB Asset Management, Folketrygdfondet (The Government Pension Fund Norway), Handelsbanken Fonder and Swedbank Robur.
It consisted of 118,571,428 new shares at Nkr35 per share raising gross proceeds of Nkr4.15bn and an over-allotment of 11,857,142 additional shares.
These shares together represent 10% of the new shares allocated in the private placement and bring total proceeds raised in the placement to Nkr4565m.
Aker Horizons is the unit set up by Norwegian giant Aker to invest in renewables.
Aker Capital, a wholly owned subsidiary of Aker ASA, was allocated private placement shares for approximately Nkr500m in the private placement and Nkr1200m of the convertible bond issue.
Some company employees were also offered to subscribe for new shares in the company.
A total of 322,088 new shares were subscribed and allocated in the employee offering.
The company’s shares are expected to commence trading on Euronext Growth Oslo, a multilateral trading facility, on or about 1 February 2021.
Primary insiders were allocated shares in the private placement at the offer price, including president and CEO Oyvind Eriksen, through his wholly owned subsidiary Eroy AS and Svein Oskar Stoknes, CFO.