Cadeler's Oslo initial public offering has sold out, Swire Pacific Offshore-backed wind farm vessel company's global coordinators have said.

DNB Markets and SpareBank 1 Markets have indicated to the company that there has been "significant interest" from international and domestic investors in the NOK 917m ($101.5m) offering.

Based on orders received, it is expected that the price per share will be set at NOK 23.50 for 39m new shares, at the bottom end of a range stretching up to NOK 24.70.

This values Cadeler at NOK 1.83bn, or $206m.

"The offering is over-subscribed at the minimum offering size at such price level," Cadeler said.

The coordinators have a right to over-allot a number of shares up to an extra 15%, however.

Swire Pacific expects to sell 20.42m of its shares in a secondary tranche, against a potential maximum of 29m earmarked earlier.

Listing next week

The shares should be listed on the Oslo Stock Exchange on 27 November, with book-building ending on Wednesday afternoon.

Cadeler, formerly Swire Blue Ocean, had already said BW Group of Singapore is buying $33m of the new stock on offer.

Handelsbanken Fonder will take a further NOK 130m, while DNB Asset Management will buy NOK 110m, and Nordea Investment Management and Fjarde AP-Fonden have been allocated NOK 50m each.

They are viewed as "cornerstone investors", Cadeler said.

Support from BW Group

"As an industrial investor, BW applies a long-term investment perspective and intends to support the company’s growth strategy going forward," Cadeler said earlier this month.

BW will have the right to elect one member to the company’s board and has been granted a right of first refusal by Swire Pacific Offshore to acquire up to a further 20% after the IPO.

The IPO cash will be used to part-finance a planned order of two wind farm installation ships.

Yards shortlisted

In September, the company said it had shortlisted "several leading international shipyards" for the vessels, which it described as having capacities "unseen in the industry" up to now.

The remaining proceeds are expected to be used for working capital, general corporate purposes or debt reduction.

Cadeler has two wind turbine installation vessels operational — the 24,586-gt Pacific Osprey and Pacific Orca (both built 2012).

Both are due to be upgraded with new, larger cranes as offshore wind turbines continue to scale up.