Blue Lagoon raises $115M in Nasdaq Iceland IPO
What's the deal? Blue Lagoon Corp.Dealroom has a profile for this one. Try Dealroom → has completed a public share offering on Nasdaq Iceland, raising just under US$125.8M (≈$115 million). It sold 150 million new shares at US$0.84 each and will have 1,024,763,489 shares outstanding after the offering.
Why now? This is the Icelandic wellness group's third attempt at a listing. "We had started considering listing the Blue Lagoon on the stock market in 2020. Then Covid came along," said chairman and founder Grímur Sæmundsen. Earlier efforts stalled on the pandemic and, in 2024, local volcanic activity.
The offering drew strong demand. Close to 4,000 subscriptions worth about US$134.6M came in, exceeding the US$125.4M target, and Order Book A was oversubscribed. LandsbankinnDealroom has a profile for this one. Try Dealroom → and Fossar Investment BankDealroom has a profile for this one. Try Dealroom → managed the deal; trading is expected to begin November 20.
What's the endgame? Proceeds will strengthen the balance sheet and reduce debt as the company expands. Blue Lagoon is developing a highland resort at Þjórsárdalur — including the Mountain Retreat hotel, geothermal baths, and 40 cabins — at an estimated €138 million, with a planned 2028 opening.
Despite being 34 years old, Blue Lagoon still frames itself as a growth company, with average annual revenue growth of 11%. CEO Sigríður Margrét Oddsdóttir said it aims to make Iceland "one of the world's leading" wellness destinations over the next five to ten years.
What could go wrong? The company carries unusual operating exposure. Recurring volcanic activity near its flagship Svartsengi site forced shutdowns of 76 days in 2024, though the site closed for only two days in 2025.
The signal: The debut is a notable public-market test for a prominent Icelandic tourism brand, backed by about 2.3 million annual visitors to the country. The raise shows investor appetite for wellness and experience travel — even where location-specific risk is baked in.
Read more: news.inbox.eu
Image credit: Blue Lagoon
