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Nortem BioGroup floated 2,578,500 shares under the stock exchange symbol MLBIO, with a valuation of €12.9 million (EUR1 = USD1.0556) and a price of €5.00 per share. The listing on Euronext Paris provides Nortem with a platform to expand its presence in global markets.
The company, which operates as a holding company controlling five different brands of organic products and materials – Nortembio, NaturalPharma Laboratories, Luxury & Grace, Ecodescalk and LG Health iSystems – generated approximately seven million euros in sales during the 2022 financial year. The sales were mainly through Amazon (NASDAQ:AMZN)’s platform (NASDAQ:AMZN), with Europe being its main market with more than half a million customers.
The listing positions Nortem BioGroup to access new financing opportunities that will enable it to accelerate growth and consolidate its leadership in the food bioinnovation sector. Over 30% of the company’s revenues are dedicated to Research and Development (R&D) activities carried out entirely in El Puerto de Santa María (Cádiz). Here, 20% of the company’s workforce is dedicated to the development of new processes and products.
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