BW Ideol, a company created last month after FPSO firm BW Offshore announced its investment into floating wind company Ideol, has applied for listing on Euronext Growth.
"Oslo Børs has received an application for admission to trading on Euronext Growth from BW Ideol AS," the Oslo stock exchange said in an announcement on Wednesday.
BW Offshore said mid-February that Ideol would become a wholly-owned subsidiary of the new entity BW Ideol, "a floating offshore wind champion targeting large-scale projects."
"BW Offshore will invest 60 million euros to get hold of a strategic stake in BW Ideol. BW Ideol is planning to seek admission to trading on Euronext Growth Oslo by the end of March 2021," BW Offshore said at the time.
BW Offshore expects to hold approximately 50% of the shares outstanding in BW Ideol post the contemplated capital raise and listing. The share acquisition and participation in the capital raise will be funded from BW Offshore's existing liquidity reserves. Ideol management and employees are expected to own about 20% of the shares post listing.
The transaction and listing are expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory approvals.