Polysilicon manufacturer and silicon product supplier Elkem, the Norwegian subsidiary of China National Bluestar Group, has announced plans to list on the Norwegian Stock Exchange (Oslo Børs). Bluestar ElkemInternational Co. Ltd. will reduce its stake but remain its largest shareholder.

Elkem hopes to use the IPO to raise 5 billion kronor (about 590 million euros) for the acquisition of two Blue Star companies: Blue Star Silicone Co., Ltd. (Xinghuo Silicones) and Bluestar Silicon Materials Co., Ltd. ( Yongdeng Silicon). The former has an annual production capacity of 200,000 tons of organic silicon monomers and 80,000 tons of caustic soda, while the latter is specialized in metal silicon production, with two 25,500kVA, two 27,000 kVA and one 10,000 kVA metal silicon furnaces, with a total annual production capacity of 50,000 Ton.

The Elkem Group and its new China business employ around 6,100 people worldwide, with consolidated revenue of SEK 214 and EBITDA of SEK 3.2 billion in 2017. The company was delisted from the Oslo Stock Exchange in 2005. Acquired by Blue Star in 2011 for $2 billion. In March 2014, Hong Kong Coslight International invested US$200 million in Elkem Solar, which owns a 6,000-ton polysilicon plant in Kristiansand, southern Norway.

Blue Star also bought Norwegian PV manufacturer REC Solar ASA in 2015 for 4.34 billion crowns.