Elkem raises NOK 300M in oversubscribed subsequent offering
What's the deal? Norwegian materials company ElkemDealroom has a profile for this one. Try Dealroom → ASA has completed a subsequent offering of 11,111,111 new shares at NOK 27 apiece, raising approximately NOK 300M in gross proceeds. The offering was nearly three times oversubscribed, with valid subscriptions for 29.4 million shares — well above the 11.1 million on offer.
The subscription period closed on May 29 at 16:30 CEST. Allocations were made available through Euronext Securities Oslo on June 1, with payment due by June 3. The new shares are expected to begin trading on the Oslo Stock Exchange around June 8.
Why now? The offering follows a private placement announced earlier in May, with the subsequent offering designed to give existing shareholders — who were diluted by that placement — the chance to participate on the same terms. This is a standard mechanism under Norwegian securities law to protect shareholder rights.
What could go wrong? The new shares cannot be transferred or traded until they are fully paid and the share capital increase is registered with the Norwegian Register of Business Enterprises. Any delays in payment or registration could push back the expected June 8 trading date.
After issuance, Elkem's share capital will be NOK 1,838,847,540, divided into 367,769,508 shares with a nominal value of NOK 5 each. The dilution is modest but adds to the share count investors must now contend with.
The signal: The nearly 3x oversubscription of Elkem's subsequent offering points to sustained institutional confidence in a mature, vertically integrated silicon-based materials supplier at a time when demand for such inputs — spanning semiconductors, solar panels, and silicone-based products — remains structurally strong. The NOK 27 price, matching the earlier private placement, suggests the market views the dilution as manageable relative to the company's positioning across the energy transition value chain.
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