Integrated Wind Solutions moves for Oslo uplisting

Commissioning service operation vessel (CSOV) owner Integrated Wind Solutions (IWS) has moved for an uplisting on the Oslo Stock Exchange.

The Awilco-backed outfit trades its shares on Euronext Growth Oslo and expects the switch to occur on or about February 3.

In connection with the uplisting, IWS also plans to raise about NOK30m ($2.6m) through a public share offering in Norway, Denmark, and Sweden. The shares will be issued and sold at a 10% discount to the volume-weighted average price of those traded on Euronext Growth Oslo. The net proceeds raised in the offering will be used for general corporate purposes, IWS said.

The Lars-Henrik Røren-led company owns close to 75% of IWF Fleet, which has four CSOVs on the water and two more delivering from China Merchants later this year. The company’s second shareholder is Japanese trading house Sumitomo Corporation, which picked up a 25.38% stake in May last year. IWS also owns the offshore wind supply chain service company, IWS Services, and has a stake in the consultancy and wind farm operator firm PEAK Wind.

“IWS has undergone a remarkable transformation since ordering its first two CSOV newbuildings in January 2021, later increasing to six… Furthermore, IWS Services and PEAK Wind are experiencing strong growth, and the uplisting of our shares to the Oslo Stock Exchange is a milestone and a natural progression that reflects a new phase of the growth journey for IWS,” said IWS chef executive Røren.