Dong Energy IPO set for $16bn valuation

Dong Energy is set for the world’s biggest stock market listing so far this year, with an initial public offering that could value the utility at up to $16bn.à‚ 

If it goes ahead it will surpass the current biggest listing, of China Zheshang Bank, which raised $1.9bn, according to data from Dealogic.

Offshore wind turbine and engineer
The Danish offshore wind farm specialist is looking to raise up to DKr18.5bn for shareholders such as the Danish government and Goldman Sachs in the listing in Copenhagen, which is earmarked for June 9.

Following a few turbulent years the utility has boosted its profitability, reduced its debt and increased its investments in offshore wind.

Henrik Poulsen, chief executive, said he had been “encouraged by the positive feedback” from investors so far to the IPO.à‚ 

The Danish government, which owns 59 per cent of Dong, will retain a stake of 50.1 per cent in a company that is Denmark’s biggest utility and one of its biggest oil and gas producers.

Goldman Sachs, which owns 18 per cent, is set to double the value of its investment in just over two years but has said it wants to remain a long-term shareholder in Dong.

Claus Hjort Fredriksen, Denmark’s finance minister, added: “The IPO is an important milestone in the development of Dong Energy. 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.”à‚ 

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