#Dong_Energy Valued at $15 Billion in Copenhagen I.P.O. RSS Feed

Dong Energy Valued at $15 Billion in Copenhagen I.P.O.

LONDON — Dong Energy, the Danish utility and the world’s largest offshore wind energy operator, said on Thursday that it was valued at 98.2 billion Danish kroner, or about $15 billion, in its initial public offering in Copenhagen.

The share sale is the largest initial public offering in Europe this year.

Dong Energy said that it priced its offering of 72.8 million shares on Nasdaq in Copenhagen at 235 kroner a share, at the upper end of its expected range.

Shares of Dong Energy rose 9 percent in trading in Copenhagen on Thursday morning.

“It’s a privilege to welcome all new shareholders, both the professional investors and the many Danish private investors,” Thomas Thune Andersen, the Dong Energy chairman, said in a news release. “I see it as a vote of confidence in the management and the many talented and dedicated employees.”

The company unveiled plans in May to list its shares, after saying in September that it would pursue an offering after a review.

The offering consisted of a sale of 17.4 percent of the company and generated proceeds of 17.1 billion kroner.

The Danish government still owns 50.4 percent of the company after the listing.

“As a representative of the majority shareholder, I’m pleased to see that there has been a lot of interest in becoming part of the ownership of Dong Energy — both among retail and professional investors,” said Claus Hjort Frederiksen, the Danish finance minister. “It gives Dong Energy a solid foundation to retain and develop its position as one of the leading green energy companies in the world.”

Read full article at NY Times