Blue Lagoon share offer attracts nearly ISK 1 billion in excess demand

Nearly 4,000 investors applied for shares worth about ISK 15.3 billion in Blue Lagoon’s public offering, which raised just under ISK 14.3 billion, mbl.is reported. The offer closed at 4 p.m. on Friday.

Blue Lagoon sold 150 million shares at ISK 95 each. Demand exceeded the number of shares on offer by about ISK 1 billion, so applications were scaled back in line with the offering terms.

Investors will be notified of their allocations by November 16 at the latest, and payment for share commitments is due on November 18. Trading in Blue Lagoon shares is expected to begin on the main market of Nasdaq Iceland on November 20. Nasdaq Iceland has approved the company’s listing application, subject to it meeting the requirements for shareholder distribution.

Blue Lagoon will have 1,024,763,489 shares outstanding after the offering. The total is expected to rise to 1.296 billion once its acquisition of tourism company Arctic Adventures is completed.

“This is a major milestone for Blue Lagoon, Icelandic tourism and the stock exchange,” founder and chairman Grímur Sæmundsen said in a company announcement. He said he was particularly pleased by the number of Icelanders seeking to become shareholders.

Chief executive Sigríður Margrét Oddsdóttir thanked investors for their confidence and said the company was looking to expand. She said it planned to develop experiences across Iceland and continue work to position the country as one of the world’s leading destinations for experiences and wellness.

Landsbankinn and Fossar Investment Bank managed the offering.