The owner of the Blue Lagoon geothermal baths plans to raise €100mn through a listing on the Reykjavik stock market in November, seeking to capitalise on explosive growth in Icelandic tourism. Blue Lagoon, valued at about €600mn in two separate deals this summer, wants to float next month to fund growth plans including a mountain retreat, glacier baths, and an acquisition of Arctic Adventures.
Iceland has seen tourism almost quintuple over the past 15 years, with more than a third of visitors visiting Blue Lagoon. Chief executive Sigríður Margrét Oddsdóttir said the company is now much more than an iconic lagoon renowned for healing powers.
The spa lies near Iceland’s main international airport and its most recently active large volcano, closing for several weeks in 2023 and 2024 due to eruptions. The company expects revenues of €174mn and operating profit of €41mn this year. It plans to invest €130mn in a new mountain resort opening in 2028, plus a glacier retreat for 2029-31. The proposed Arctic Adventures acquisition would add €90mn of revenues and €18mn of operating profit.
Source: Financial Times Companies · Summarized by HeadlinesBriefing