Dong Energy has launched its Initial Public Offering setting a company value as high as Dkr106.5bn.
The long-planned IPO will result in shares being traded on Nasdaq Copenhagen and will cover between 15.1% and 17.4% of the company through a “partial sell-down”.
Dong will sell up to 72,834,393 shares for Dkr200 to Dkr255 each, it said.
The offering includes an IPO in Denmark to institutional and retail investors, a private placement in the US for qualified institutional buyers and private placements to institutional investors elsewhere.
It will close on June 8 and the price will be determined by June 9.
“The IPO is an important milestone in the development of Dong Energy,” Denmark’s Minister of Finance Claus Hjort Frederiksen said. “The company has grown from primarily being a Danish utility business to becoming a growing international company with a leading position in the offshore wind sector.”
The Danish government, which now owns 58.8% of Dong, will maintain a 50.1% majority shareholding after the listing, the company said. Goldman Sachs holds 17.9%, SEAS-NVE 10.8% and other shareholders the remaining 7.6%.
“Dong Energy is one of the fastest growing energy companies in Europe, and a world leader in offshore wind,” Dong chief executive Henrik Poulsen said. “We have constructed 22 offshore wind farms and hold a market share of 26% of globally installed offshore wind capacity.”
Image: Dong Energy
