Goldman Sachs-backed Dong sets summer IPO

The ITF did not include a price range, but preliminary analyses have suggested the offshore wind specialist would achieve a market cap of DKK 80bn upon its introduction to the Nasdaq OMX Copenhagen bourse, making it the largest-ever IPO in Denmark.

Around 15% of the company's share capital is expected to be placed in free trade in the listing. Following the IPO, Denmark's government – which currently owns a 58.8% shareholding – will retain a minimum stake of 50.1% in Dong. Goldman Sachs is the second-largest shareholder with a 17.9% stake, while Danish energy cooperative SEAS-NVE holds 10.8% and pension fund ATP holds 4.9%. The remaining 7.6% of shares are owned by minority shareholders and management.

Goldman Sachs bought into Dong through an MBO in 2013 alongside two Danish pension funds, causing resignations from a government's coalition party in protest of how the process was run and Dong's DK 32bn valuation.

JP Morgan, Morgan Stanley and Nordea have been appointed joint global coordinators and joint bookrunners, while Citigroup, Danske Bank and UBS are acting as joint bookrunners. ABG Sundal Collier, Rabobank and RBC have been selected as co-lead managers.

Lazard & Co and Rothschild are acting as financial advisers to Dong and the Danish Government, respectively.

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• Topics
• Nordics
• Infrastructure
• Denmark
• IPO
• Goldman Sachs Asset Management
• JP Morgan
• Morgan Stanley
• UBS
• Nordea
• ABG Sundal Collier
• Rabobank
• lazard
• Rothschild
• Citigroup