Orsted has raised almost €8bn through a fully subscribed rights issue of new shares, representing approximately 99.3% of the total offer.
The company, which requires to funding to finish the 924MW Sunrise Wind project in the US, said the new shares were subscribed by existing shareholders through the exercise of pre-emptive rights or by other investors acquiring rights during the subscription period.
A total of 451,522,164 shares, equivalent to around 50.1% of the issue, were subscribed by the Danish State under its commitment as Orsted’s majority shareholder.
Orsted confirmed that demand for the remaining shares was extraordinarily high and exceeded the number available after the pre-emptive rights period closed.
To accommodate this, the board resolved to allocate the residual shares so that all orders for up to 22,446 new shares received full allocation, while orders above that threshold were allocated the same capped number.
As a result, no shares were subscribed by the underwriting bank syndicate.
Rasmus Errboe, group president and chief executive of Orsted (pictured), said: “I’m very pleased with the strong support we’ve received for our rights issue from small and large investors from Denmark and abroad, including from our majority shareholder, the Danish State.
“The rights issue strengthens Orsted’s financial foundation, allowing us to focus on delivering our six offshore wind farms under construction, continue to handle the regulatory uncertainty in the US, and strengthen our position as a market leader in offshore wind.”
He added: “We’ll continue to work hard on executing our strategy and delivering results quarter after quarter.
“It will be a long, tough haul, and we have a lot of work ahead of us in the coming years to ensure progress on our projects under construction, improve our competitiveness, and focus the business on offshore wind, especially in Europe.”
Orsted said completion of the offering, including settlement of the new shares and registration of the capital increase with the Danish Business Authority, is expected on 9 October 2025.
The new shares are scheduled to begin trading and official listing on Nasdaq Copenhagen the following day under the same ISIN code as the company’s existing shares.