NEWS

Norway’s Elkem, a producer of silicon for solar panels and a supplier to steel makers and chemical firms, plans to raise some 5 billion Norwegian crowns ($640.16 million) in an initial public offering, it said on Monday.

The company’s current owner, China National Bluestar, will reduce its stake while remaining a long-term majority shareholder following the listing, which it plans to complete by the end of the first quarter, it added.

Elkem’s 2017 revenues rose to 21.4 billion crowns on a proforma basis, from 16.9 billion the previous year, while earnings before interest, tax, depreciation and amortization (EBITDA) rose to 3.15 billion crowns from 1.54 billion.