December 6, 2017 / 12:52 PM / a year ago

Norwegian ferry company Color Group plans initial public offering

OSLO, Dec 6 (Reuters) - Norway’s Color Group, the owner of ferry company Color Line, has appointed banks to prepare a potential initial public offering on the Oslo stock exchange, the company said in a statement on Wednesday.

“A listing will increase Color Group’s ability to fund further growth projects,” it added.

Arctic Securities, DNB Markets and SEB were retained as financial advisors, while law firm BAHR was retained as legal counsel.

The group’s owner, O.N. Sunde AS, plans to remain a major shareholder and owner after a potential flotation.

“A potential listing will give the company an opportunity to balance the portfolio in a way that is beneficial,” it added.

In 2016, Color Group had revenues of 4.9 billion Norwegian crowns ($592.40 million) and a pretax profit of 516 million.

$1 = 8.2715 Norwegian crowns Reporting by Terje Solsvik, editing by Louise Heavens

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