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Marel becomes dual listed business with debut on Euronext

ICELAND-BASED food-processing company Marel has made its debut on the Amsterdam stock exchange, making it a dual-listed business.

Marel has been listed on the Icelandic stock exchange since 1992 but, with concerns over the size of that exchange relative to the company, it has been exploring a listing on a more international exchange.

And on 7 June it made its debut, with shares priced at €3.70, giving the business a market capitalisation of €2.82bn.

Marel said in a statement the share sale, which included a public offering in both the Netherlands and Iceland and private placement in “various other jurisdictions”, was “multiple times oversubscribed” and represented about 15% of its total issued share capital.

“By listing on an international stock exchange in addition to Nasdaq Iceland, Marel increases the visibility of its brand and access to a broader international investor base,” a statement said.

“In addition, the dual-listing strengthens Marel’s capital structure and provides us with a global currency for acquisitions to support our ambitious growth strategy.”

Árni Oddur Thórdarson, Marel’s chief executive, added: “This is a proud day for Marel as we complete our listing process on Euronext Amsterdam, complementing our Icelandic listing.

“We are very pleased to have received very strong levels of support and interest in the offering from both the retail and institutional investment communities in the UK, US, Iceland, Netherlands and the rest of Europe.

“The Euronext listing will support the next phase of our growth and better enable us to pursue our vision of a world where quality food is produced sustainably and affordably.”