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IPO of the Blue Lagoon

About the offering

The public offering of shares in Blue Lagoon Ltd. (“the Company”) is scheduled to take place from 10 to 13 November 2026 in connection with the application for the admission of all of the Company’s shares to trading on the Nasdaq Iceland Main Market. This is a public offering of a total of 150,000,000 shares in the Company. Fossar Investment Bank hf. and Landsbankinn hf. are the managers of the offering.

Key terms of the offering

  • Subscriptions will be accepted through the offering website from 10:00 GMT on Tuesday 10 November 2026 until 16:00 GMT on Friday 13 November 2026.
  • Each subscription in the public offering must be from ISK 100,000 to ISK 20,000,000 in Order Book A, and above ISK 20,000,000 in Order Book B.
  • Investors may amend or withdraw their subscriptions during the offering period.
  • The results of the offering are expected to be published no later than 16 November 2026.
  • The due date and final due date for payment slips relating to the offering is 18 November 2026.
  • The Company’s shares are expected to be delivered to buyers no later than 20 November 2026.
  • The Company’s shares are expected to be admitted to trading on the Nasdaq Iceland Main Market on 20 November 2026.

Order Books A and B

Order Book A

Subscription amount
From ISK 100,000 to ISK 20,000,000.
Offering price
Fixed price of ISK 95 per share.
Offering size
45,000,000 shares (30% of the offering).
Allocation in case of over-subscription
Subscriptions in Order Book A will be reduced pro rata, with efforts made to allocate in full subscriptions below ISK 1,000,000, and a flat reduction of the highest subscriptions if that is insufficient. Efforts will be made not to reduce subscriptions by the Company’s employees up to ISK 5,000,000.

Order Book B

Subscription amount
Subscriptions exceeding ISK 20,000,000.
Offering price
Offers shall match or exceed the minimum price of ISK 95 per share. All shares are sold at a fixed price, equal to the lowest of the accepted offers (Dutch auction).
Offering size
105,000,000 shares (70% of the offering).
Allocation in case of over-subscription
Subscriptions at or above the offering price in Order Book B will be accepted. However, if this part of the offering is oversubscribed, subscriptions will be reduced. In the event of reductions in Order Book B, subscriptions will be assessed based on price. Accordingly, subscriptions above the offering price in Order Book B will, where possible, not be reduced. Subscriptions at the offering price in Order Book B will be reduced pro rata, based on the amount subscribed at that price. All accepted offers will be allocated at the same price: the offering price of Order Book B.

Investor meeting

Blue Lagoon Ltd. will host an open investor meeting in connection with the Company’s public share offering at 10:00 GMT on Tuesday 10 November at Harpa. The meeting will be conducted in Icelandic, is open to everyone and will also be streamed live on Blue Lagoon’s website, www.blaalonidhf.is/fjarfestar.

How do I take part?

To take part in the offering, go to the offering website. You need a custody account to take part in the offering.

  • Individuals can open a custody account with Fossar here.
  • Legal entities can open a custody account by contacting onboarding@fossar.is.

Please read the prospectus and the investor presentation for the offering carefully.

Please note that investing in shares involves risk. The risk factors relating to the operations and shares of Blue Lagoon Ltd. are described in the Company’s prospectus, which has been approved by the Financial Supervisory Authority of the Central Bank of Iceland. The approval of the Financial Supervisory Authority should not be understood as an endorsement of the issuer or the securities offered or admitted to trading on a regulated market.

Take part in the offering

Questions about the offering?

Contact Fossar Investment Bank hf. at bl@fossar.is or by phone on +354 522 4000.