The Norway fix

The Norway fix


It was puzzling at first when Salmones Camanchaca decided to become the first Chilean salmon farmer to list on the Oslo Stock Exchange (OSE) on Feb. 1. Its peers seemed quite satisfied trading on the Santiago exchange (IPSA). Why travel more than 8,000 miles to Norway to launch its IPO? The answer soon became apparent. In the space of a couple of months of its listing, Camanchaca’s shares had surged 19%. It even manged to refinance $160 million in debt as part its offering. By contrast, shares in its competitors back home declined in lockstep as salmon prices temporarily stalled. The stark difference in market performances had little to do with fundamentals, admits Camanchaca’s CEO Ricardo G

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