Aker BioMarine

3, 2, 1.

Per Einar Ellefsen: Hello and welcome to IPO Stories, a podcast that explores the paths to IPOs for companies and their stakeholders.

Through interviews with professionals who have led companies to public markets, we learn what it takes to IPO a business — the do’s and don’ts before, during, and after the listing process.

I’m Per, co-founder of Amundsen Investment Management, a Europe-based equity manager.

Today, we speak with Matts Johansen, CEO of Aker BioMarine, a Norwegian company that is the global leader in krill harvesting and production of krill-based products, such as omega-3 supplements and aquaculture feed.

Aker BioMarine was founded as part of the Aker Group, and Matts has served as CEO since 2015. The company was listed on Euronext Growth Oslo in July 2020, right in the middle of the COVID-19 pandemic, and uplisted to the Oslo Børs main market in 2021.

With Matts, we discuss the experience of listing an innovative company with few listed peers in Europe, the process of IPOing rapidly during COVID, and how to maintain a long-term focus after going public. Along the way, we also learn more about krill — a fascinating nutrient source at the bottom of the marine food chain.

Before we start, we’d like to remind our listeners that our discussion is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments. The information is for informational purposes only. Amundsen Investment Management and the participants in this podcast may hold positions in the companies discussed.

Matts, thank you for joining us. Could you start by explaining what Aker BioMarine does as a company?

The Krill Business

Matts Johansen: Sure. We’re the world’s leading krill company, which means we harvest krill in Antarctica, extract their nutrients, and process them into products for different end markets. We also conduct extensive R&D to document the benefits of krill-based ingredients and commercialize them across various applications.

It’s a unique combination — part fishing company, part biotech company. Krill represents the largest biomass on the planet and sits at the bottom of the food chain. Through millions of years of evolution, its nutrients have become essential to all life. That’s our thesis — this is a vast, underutilized resource with global potential for human, animal, and aquatic health.

From Telecom to Krill

Per Einar Ellefsen: Your background is actually in telecommunications. How did you end up leading a krill company?

Matts Johansen: Yes, I was in the Czech Republic from 2004, working at the state-owned telecom operator as it prepared for privatization. I helped with that process — we eventually sold the company to Telefónica — and stayed on for five years as Chief Commercial Officer.

When my first child reached school age, we had to decide whether to stay abroad or return to Norway. I wanted to work for Aker, which I admired for its entrepreneurial culture and hands-on leadership. I joined Aker BioMarine in 2009 when it was a tiny startup — barely any revenue, a handful of people, but huge ambition.

Today we’re nearly 700 employees and approaching $400 million in annual revenue. It’s been quite a journey.

Applications of Krill

Per Einar Ellefsen: For those less familiar, where does krill actually end up being used?

Matts Johansen: There are two main markets:

Aquaculture Feed (≈50–60%) — We supply krill ingredients for salmon, shrimp, tilapia, and other farmed species. Krill improves health, disease resistance, and feed efficiency. Fish grow faster and eat more when krill is included in their diet.

Human Nutrition (≈40–50%) — We supply krill oil for dietary supplements, both as an ingredient to global nutraceutical brands and through our own consumer brands.

In the U.S., we sell through major retailers like Walmart, Target, CVS, and Walgreens — both under our Kori brand and under private-label partnerships.

Krill Oil and Omega-3

Per Einar Ellefsen: Is krill oil a recognized category on its own, or is it seen as just another omega-3 supplement?

Matts Johansen: Both. It’s omega-3 from krill, but the key difference is how the omega-3 is structured. In fish oil, omega-3s are bound to triglycerides. In krill oil, they’re bound to phospholipids — the same molecules that form our cell membranes.

This means krill omega-3 is three times more efficiently absorbed into cells. In the U.S., krill oil now represents 22% of all omega-3 sales; in Australia, it’s about 30%. Consumers recognize it as the premium form of omega-3.

Innovation and Growth

Per Einar Ellefsen: You’re a mix of biotech and fishing — how mature is the company today?

Matts Johansen: We’re still in an innovative phase. I view us as a startup with scale — 15 years is short in biotech terms. We continue to uncover new molecules in krill.

For example, we recently discovered a transport molecule that helps DHA cross the blood–brain barrier — something science hadn’t understood before. That’s a breakthrough for brain health applications, and we’re now commercializing it.

The challenge is keeping that startup culture alive as we grow — maintaining curiosity, drive, and a willingness to take calculated risks.

Krill as a Sustainable Protein Source

Per Einar Ellefsen: There’s a lot of talk about alternative proteins. How does krill fit in?

Matts Johansen: Krill is an excellent protein source — complete amino acid profile, high digestibility, and fully sustainable.

We recently opened a factory near Oslo that isolates krill proteins for use in food products. It’s another step in diversifying beyond aquaculture into human nutrition.

Comparisons and Market Perception

Per Einar Ellefsen: Do investors compare you more to fisheries or to alternative protein companies like Beyond Meat?

Matts Johansen: We often get compared to fisheries, and that’s part of the challenge. Analysts who cover seafood apply very different valuation frameworks than those who cover biotech or ingredients.

But in reality, we’re a vertically integrated biotech and ingredient company — one of the few “novel protein” producers that has already scaled profitably. Most others are still pre-commercial.

The Road to IPO

Per Einar Ellefsen: Aker BioMarine operated privately for years. Why did you decide to IPO in 2020?

Matts Johansen: It’s part of Aker’s philosophy — to list mature companies once they have stable growth and visibility. By 2020, we had five years of consistent growth, around $70 million in EBITDA, and positive cash flow.

Market conditions were also excellent — liquidity was high and sustainable growth stories were in demand. So it was the right moment.

Per Einar Ellefsen: But you IPOed in July 2020 — just months after lockdown began. How did that affect the process?

Matts Johansen: It was intense! We made the decision in March 2020, already during COVID, and completed the IPO in July.

Ironically, lockdown helped — everything moved online. We held 150 investor meetings in two weeks via Zoom and Teams. It was incredibly efficient.

Listing Path and Market Reception

Per Einar Ellefsen: You first listed on Euronext Growth (then Merkur Market) before moving to the main market in 2021. Why that path?

Matts Johansen: Speed and timing. We knew the window was open but could close quickly. Listing first on Euronext Growth let us complete the process faster and take advantage of market conditions.

The plan was always to uplist to Oslo Børs, which we did the following year.

Per Einar Ellefsen: It was a large transaction — about $220 million raised at a $1 billion valuation. How did you attract that demand?

Matts Johansen: Very broad investor interest. The book was about four times oversubscribed. We had participation from long-only funds in Europe and Scandinavia, plus sustainability-focused investors.

The combination of health, sustainability, and growth hit all the right themes at that time.

Life After Listing

Per Einar Ellefsen: How has the shareholder base evolved since?

Matts Johansen: It’s become more Norwegian. After strong years in 2020, we had tougher ones in 2021–22 due to weak harvests and a regulatory change in South Korea, which temporarily cut about $25 million in EBITDA.

International funds rotated out, but now we’re back on track — harvests have recovered, Korea is back, and performance is improving.

Per Einar Ellefsen: Did ESG-focused investors play a big role initially?

Matts Johansen: Yes, absolutely — in 2020, ESG was a major theme. We even held investor calls dedicated to our sustainability targets.

Today, it’s quite different — ESG interest has dropped sharply. Now investors often say, “Don’t talk about that, just talk about numbers.” It’s become more of a check-the-box exercise for compliance rather than conviction.

Lessons as a Listed CEO

Per Einar Ellefsen: How did being listed change your role as CEO?

Matts Johansen: Not dramatically. I spend some time on investors, but it’s manageable.

The biggest change was learning how to communicate targets. When private, I’d set ambitious stretch goals — even achieving 90% was success. But public markets want certainty, not ambition. You must only guide what you’re 100% sure you can deliver.

Another lesson: public investors focus on lagging indicators — results. Private owners like Aker focused more on leading indicators — what we’re doing today to create results tomorrow. That mindset shift took time.

Balancing Short and Long Term

Per Einar Ellefsen: How do you maintain long-term focus when markets reward quarterly results?

Matts Johansen: It’s my job to balance both. The quarterly rhythm creates discipline — controlling costs, ensuring delivery — but we must also keep innovating.

Internally, we maintain our startup mindset: curiosity, calculated risk-taking, and openness to new ideas. It’s embedded in our culture.

Structure, Focus, and Value Creation

Per Einar Ellefsen: Your free float is relatively small. Does liquidity affect your thinking as a listed company?

Matts Johansen: Liquidity matters — it helps value discovery and investor confidence. But we can always find buyers and sellers for larger blocks, so it’s not a major constraint.

We recently announced a restructuring to simplify the company. We’re separating into four business units — harvesting, ingredients, branded products, and emerging businesses — each with its own management and P&L.

We’ve also launched a strategic review of the aquaculture and harvesting business to unlock value. The goal is to better reflect the sum-of-the-parts value for shareholders.

Reflections on the IPO

Per Einar Ellefsen: Looking back, what do you wish you’d known before listing?

Matts Johansen: Mainly how differently the market interprets guidance. I wish I’d experienced firsthand how sensitive investors are to expectations.

Otherwise, I think being listed has been positive — it gives us visibility, credibility, and helps with recruitment and partnerships.

Per Einar Ellefsen: Has it helped with customers like Walmart?

Matts Johansen: Somewhat. In the U.S., it’s less relevant, but in Europe it adds credibility. Being listed signals that we’re long-term, transparent, and financially solid, which helps when working with major retailers.

The Defining Moment

Per Einar Ellefsen: One of our earlier guests said every IPO has its defining moment. What was yours?

Matts Johansen: It was the call when we decided to go ahead, around Easter 2020. I remember pacing behind my garage, talking with the chairman — we asked, “Are we ready? Can we stand behind this?” We decided yes, let’s do it. That moment defined everything that followed.

Per Einar Ellefsen: No looking back?

Matts Johansen: No, not at all.

Per Einar Ellefsen: Thank you very much, Matts.

Matts Johansen: Thank you.

Per Einar Ellefsen: Thank you for listening to IPO Stories.

In future episodes, we’ll host CEOs, CFOs, advisors, and other participants in the IPO process to learn from their experiences — like Matts Johansen today.

If you enjoy the show, please follow us on Spotify or Apple Podcasts, share it with others, and send your questions to contact@ipostories.com.

Follow Amundsen Investment Management on LinkedIn for updates.