IWS moves to the next stage, seeks listing on Oslo Børs, plans new offering

The company, whose shares are currently listed on the Euronext Growth exchange, which is suited to small- and mid-sized companies that want to raise funds to finance growth, first announced plans to uplift its shares in its financial report for Q3 2024.

In addition to the CSOVs, IWS provides a suite of related services to clients in the offshore wind market. The company owns 74.62% of IWS Fleet which has four CSOVs delivered and two CSOVs under construction with delivery in 2025. It also owns the offshore wind supply chain service company IWS Services and part of independent advisor, consultancy and data intelligence company PEAK Wind Group.

In addition to resolving to proceed with the uplisting, the board of directors at IWS has also decided to launch a public retail offering, which will consist of a number of new shares to be issued necessary to raise gross proceeds of approximately Nkr30M (US$2.6M). The shares will be offered to the public in Norway, Denmark and Sweden. The offering is being conducted to fulfil an admission requirement on the number of shareholders required by Oslo Børs and to broaden the company’s retail investor base.

IWS chief executive Lars-Henrik Røren said, “IWS has undergone a remarkable transformation since ordering its first two CSOV newbuildings in January 2021, later increasing to six.

“Three CSOVs are now in operation and continue to deliver exceptional performance for our clients. The fourth is on its way to Europe, and the remaining two CSOVs are scheduled for delivery later this year. IWS Services and PEAK Wind are experiencing strong growth. Uplisting our shares is a natural progression that reflects a new phase of the growth journey for the company.”

The company intends to apply for uplisting to the Oslo Børs on or about 24 January 2025. The board of directors of Euronext Oslo Børs will consider the listing application of the company on or about 29 January 2025. IWS expects the listing application will be approved subject to certain conditions being met, including the offering being completed and the Company fulfilling necessary share spread requirements.

Subject to Euronext Oslo Børs’ approval of the company’s listing application and completion of the offering, the company’s shares are expected to start trading on Euronext Oslo Børs on or about 3 February 2025.