Blue Lagoon

Blue Lagoon (Ticker: BLUE IR) operates geothermal bathing destinations and hotels in Iceland. Its portfolio includes the Blue Lagoon spa, The Retreat, Silica Hotel and the Fontana baths at Laugarvatn. The company also sells skincare products under its Blue Lagoon Skin Science brand, using ingredients derived from geothermal seawater.

Blue Lagoon expects to begin trading on the Nasdaq Iceland Main Market on November 20, 2026, subject to the exchange’s share distribution requirement. The IPO closed on November 13 at ISK 95 per share. The company sold 150 million newly issued shares, raising ISK 14.25 billion ($115.29 million) in gross proceeds. The offer price implies a post-IPO market capitalization of ISK 97.35 billion ($787.64 million).

The proceeds will help fund the Mountain Retreat and Glacier Retreat developments, strengthen the balance sheet and support ongoing operations and growth. Landsbankinn and Fossar Investment Bank managed the offering.