A year has passed since Marel was listed on Euronext Amsterdam on 7 June 2019, marking the dual-listing of Marel on both Euronext and Nasdaq Iceland. The successful offering and listing of 15% of new share capital was multiple times oversubscribed. Over 4,700 investors participated in the offering and BlackRock and Credit Suisse were instrumental cornerstone investors. The international shareholder base has risen from 3% to 33%.
The listing in Amsterdam was a natural next step in Marel’s growth strategy. The successful 15% share offering increased the visibility of the Marel brand and provided better access to a broader international investor base. In addition, the dual-listing strengthens Marel’s capital structure and as liquid and tradable shares are an important global currency for acquisitions that will support the 2017-2026 growth strategy.
Today, Marel is trading at EUR 4.65, implying a market capitalization of EUR 3.6 billion. In comparison, the share price was set at EUR 3.70 at listing, implying a market capitalization for Marel of EUR 2.8 billion. Marel ranks among the top six when it comes to market cap on Euronext Amsterdam.
One of the key objectives of the dual listing was to gain access to a broader investor base. In total more than 4,700 investors participated in the offering, a significant rise from the approximately 2,500 shareholders Marel had prior to the dual-listing.
When Marel announced it was considering the alternative listing options available at the 2018 AGM in March 2018, only 3% of Marel’s shareholder base was international. Today, a year since dual listing in Amsterdam, 33% of Marel shares are held by international investors. The strong levels of institutional and retail demand for the offering clearly demonstrate the quality of the Marel business and interest in our dynamic industry.
Since the dual-listing Marel has been included in the VINX benchmark index and the FTSE Frontier Index Series, further increasing Marel´s visibility. Marel shares are fully fungible between Iceland and the Netherlands with a free float of 75%, which is roughly split 50:50 between the two markets. Marel shares are the most actively traded shares on Nasdaq Iceland.
Marel has been listed on the stock exchange in Iceland, now Nasdaq Iceland, since 1992. During that time, Marel has delivered revenue growth of 22% through a combination of organic revenue growth and successfully integrated acquisitions, creating excellent value for its shareholders. Dividends or share buyback is targeted at 20 40% of net profits, and excess capital is used to stimulate growth and value creation.
Marel will continue to drive growth through innovation and global market presence, complemented by acquisitions and strategic partnerships. We are on track with our 2026 growth targets of reaching EUR 3 billion in revenues and best-in-class profitability. In partnership with our customers we are transforming the way food is processed, with a focus on food safety, traceability, sustainability and affordability.
“This is a proud day for Marel as we complete our listing process on Euronext Amsterdam, complementing our Icelandic listing. We are very pleased to have received very strong levels of support and interest in the Offering from both the retail and institutional investment communities in the UK, US, Iceland, Netherlands and the rest of Europe. The Euronext listing will support the next phase of our growth and better enable us to pursue our vision of a world where quality food is produced sustainably and affordably.”
Our dedicated team is here to help and answer any questions you may have. Please complete the form, and we’ll get back to you as soon as possible. We look forward to hearing from you.