Iceland Seafood lists on First North Iceland
On May 25 Iceland Seafood International was listed on the First North market in Iceland. Iceland Seafood is a worldwide sales, production and marketing group for a variety of frozen, fresh, salted and dried seafood. The company has a market capitalization of around USD 57 million, which places it in the top fifth of companies listed on the Nasdaq First North markets in the Nordics.
The listing of Iceland Seafood is the first equity listing in Iceland this year. It is also the first listing on First North Iceland since 2011. In addition, it is the first listing in Iceland for 13 years by a company in the important seafood industry. Somewhat surprisingly, given the significance of the seafood industry to the Icelandic economy, only one other seafood company is listed in Iceland, HB Grandi (market cap: USD 515 million) which is listed on Nasdaq Iceland‘s Main Market. Â
The listing of Iceland Seafood is an important milestone for the First North market in Iceland and reflects increased interest in the market.  More companies are weighing up listing on the market than ever before. This increased interest in the First North market in Iceland is no coincidence. Awareness of the market’s potential benefits has been steadily increasing. However, the decisive nudge seems to have been provided by a couple of regulatory changes, one completed and one in the works, the merits of which Nasdaq Iceland highlighted in its IPO Action Plan report published in late 2014. Last year Icelandic pension funds were given the authority to allocate a greater share of their portfolios to investments on MTFs, such as the First North market. Secondly, the Minister of Finance and Economic Affairs recently announced imminent plans to raise the prospectus exemption threshold for public offerings. This would make public offerings a realistic alternative for a host of smaller companies and listing on First North a more attractive choice. The landscape for Icelandic growth companies seeking risk financing is thus being shaped for the better. Facilitating the use of public markets could provide them with the all-important boost and help them take the leap onto the next stage in their development.
