Shares of Denmark wind developer Dong Energy hit open market in big IPO
In one of Europe's largest public offerings this year, Danish energy company sees its market cap jump to US$15 billion
COPENHAGEN—Denmark’s Dong Energy, which focuses on wind power generation, has seen its shares jump on the first day of trading, bringing its market value to 98 billion kroner (US$15 billion)—the most of any listed company in the country.
Shares in the utility opened at 235 kroner ($36) on the Nasdaq Copenhagen stock market and rose 10 per cent in early trading Thursday.
In all, 72.83 million shares were floated, or 17.4 per cent of Dong Energy’s share capital.
The aim was to reduce the Danish government’s stake in the company from 58.8 per cent to 50.1 per cent. Goldman Sachs currently holds about 18 per cent. The IPO was made with broad support in Parliament.
More than half of Copenhagen-based Dong’s electricity and heat generation comes from renewable sources, including offshore wind power.
Among many other projects, the company is working to develop the world’s largest offshore wind farm off the U.K. coast.