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European law firm Fieldfisher has advised Ocean Harvest Technology Group plc (OHT), a leading global producer of animal feed additives from multispecies seaweed blends, on its admission to trading on London's AIM Market today (4 April 2023) with a market cap of £20 million.
OHT, which has reported seeing strong demand for its products and growing revenues, raised approximately £6 million from a placing conducted in tandem with the IPO.
Founded in 2005, the Reading, UK-based company has operations in Galway, Ireland and the Binh Duong province, Vietnam.
Scientific trials have shown that OHT's seaweed-based animal feed ingredients deliver a number of specific benefits across multiple animal species, including lower mortality levels, higher growth rates and improvements in feed conversion ratios.
OHT plans to use the proceeds of its IPO for marketing and to expand its global sales team, further build out its supply chain and conduct more research and development. It also plans to increase production capacity at its Vietnam facility and provide general working capital for the business.
The Fieldfisher team advising OHT was led by corporate partner Dominic Gurney-Champion, assisted by associate Ed Slegg, equity incentives partner Mark Gearing and solicitor Jessica Kilkelly.
Commenting on the IPO, corporate partner Dominic Gurney-Champion said:
"Congratulations to Ocean Harvest on completing its IPO, adding another unique business to AIM and to Fieldfisher's broad portfolio of AIM issuer clients.
"This IPO was well received and indicates the listings market is picking up after a slightly slower 2022."
Fieldfisher's Band 1-ranked equity capital markets team advised on £1.1 billion of ECM transactions in 2022 and was ranked as the leading legal adviser to AIM-listed companies by deal volume and value last year, according to Perfect Information's ECMI Annual Report 2022.