Swire Pacific wind farm vessel company Cadeler has launched its NOK 917m ($101.5m) initial public offering in Oslo as it revealed new investors.
The company said book building will begin on Tuesday and the shares should be listed on the Oslo Stock Exchange on 27 November.
The company, formerly Swire Blue Ocean, had already said BW Group of Singapore is buying $33m of the new stock on offer.
Cadeler said on Tuesday that 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.
The 39m new shares will be priced between NOK 23.50 and NOK 24.70 each, valuing Cadeler at between NOK 1.83bn and NOK 1.92bn, or up to $212m.
Sole shareholder Swire Pacific Offshore Operations confirmed it will also offer up to 29m existing shares.
"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.
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.
DNB Markets and SpareBank 1 Markets are acting as joint global coordinators and bookrunners for the IPO.
Cadeler's fleet has two wind turbine installation vessels — 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.
