January 12, 2018 / 8:01 AM / 9 months ago

UPDATE 1-Chile's Salmones Camanchaca to raise $50-55 mln in Oslo, Santiago IPO

(Adds IPO, strategy, output, earnings)

Jan 12 (Reuters) - SALMONES CAMANCHACA SA IPO-SALMON.OL:

* Announces its intention to launch an initial public offering and listing on the Santiago Stock Exchange and the Oslo Stock Exchange

* In addition to a secondary share sale, the company is aiming to conduct an offering of new shares of approximately $50-55 million in order to finance organic growth opportunities

* The holding company, Compania Pesquera Camanchaca S.A., intends to reduce its ownership in the Company through a secondary sale of shares in the contemplated IPO, but will remain a significant shareholder, owning between ~67-70% of the Company after the IPO

* Company is headquartered in Santiago, Chile, and had 1,347 employees as of 30 September

* Company expects that harvest of Atlantic salmon for 2017 will be 34,200 tons wfe, while it expects that its 33.3% owned trout JV harvested 15,000 tons wfe trout in the same period

* Revenues and EBITDA pre fair-value adjustments for the last twelve months ending September 2017, were respectively USD 190m and 63m

* During 2017, Salmones Camanchaca had 18 active harvest sites spread across region X and XI in Chile, which is expected to increase to 24 during the next years when sites previously leased out are returned

* Based on biomass already swimming, the Company expects to harvest approximately 53,800 tons wfe (including share of Trout JV) in 2018

* IPO will comprise a public offering of common shares in Chile and its corresponding Depository Receipts in Norway, and a private placement to institutional and other professional investors internationally

* DNB Markets is acting as Sole Global Coordinator and Joint Bookrunner in the IPO; Larrain Vial in Chile as the Santiago Stock Exchange Placing Agent; Nordea Markets and Pareto Securities are acting as Joint Bookrunner Source text for Eikon: Further company coverage: (Gdynia and oslo newsrooms)

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