Bluestar unit lists shares on Norway bourse

Elkem ASA, the Norwegian silicones producer and a subsidiary of China National Bluestar (Group) Co Ltd, said on Thursday that it has completed an initial public offering and become one of the 20 largest companies on the Oslo Stock Exchange.

The company intended to raise funds through the issuance of new shares, part of which will be used to integrate two Chinese assets of Bluestar - Jiangxi Bluestar Silicone (Xinghuo Silicone) and Bluestar Silicon Materials (Lanzhou Silicon) - in order to realize integrated management of Bluestar's global silicone business.

Elkem announced its intention to launch an IPO and apply for a listing of the company's shares on Oslo bourse on Feb 26. The offer period for the IPO closed on Wednesday and trading of the shares commenced on the Oslo Stock Exchange on Thursday.