Dong's IPO raises EUR 2.3bn before over-allotments
Image by Dong Energy (dongenergy.com)
Dong Energy A/S will raise DKK 17.1 billion (USD 2.6bn/EUR 2.3bn) in gross proceeds from its initial public offering (IPO) in Copenhagen, the Danish renewables-focused utility said today.
The final offer price is DKK 235 per share, roughly in the middle of the price range announced in May. This price values the whole of Dong Energy at DKK 98.2 billion.
Over 72.83 million shares have been sold in the offering, excluding over-allotments, which is equal to a stake of 17.4%. Retail investors in Denmark took about 10% of the offer shares, and 90% have been allocated to Danish and international institutional investors.
Over 36,000 new investors have bought shares in the company as part of the IPO so far. The gross proceeds may climb to DKK 19.7 billion if all over-allotment shares, nearly 10.93 million, are sold. The over-allotment option is exercisable in full or in part by July 8.
Trading for Dong Energy stock on Nasdaq Copenhagen under the ticker "DENERG" is due to start today at 0800 UK time, 0900 CET.
“We have constructed 22 offshore wind farms, and hold a market share of 26% of the globally installed offshore wind capacity. Our continued profitable growth towards 2020, which will more than double our installed capacity, is supported by a robust and highly visible offshore wind build out plan[..]All Dong Energy employees deserve tremendous credit for getting the company ready for this IPO,” said CEO Henrik Poulsen in May, when the offering started.
The Kingdom of Denmark’s stake in the company will be 50.4% after the IPO. The other major stockholders include Goldman Sachs's New Energy Investment Sarl with a reduced 14.7% interest, SEAS-NVE Holding A/S with 9.6% and ATP with 4%, the new investors with 17.4% and other investors with 3.9%.