Goldman Sachs-backed Dong prices IPO at up to DKK 106bn

If Dong achieves a valuation at the top end of its price bracket, Goldman Sachs' stake will be worth around DKK 19bn, compared to an initial investment of DKK 8bn. Even at the smallest valuation in the range, Goldman's shares will be worth around DKK 15bn.

The IPO will be the largest ever listing on the Danish stock exchange, when between 15.1% and 17.4% of the company's share capital is put in free float. The price range will be DKK 200-255 per share, with no new shares issued.

A greenshoe of 2.6% has been allowed by Goldman Sachs, which may be allocated in the 30 days following flotation.

Shareholders Goldman Sachs, SEAS-NVE, ATP, management and the Kingdom of Denmark will all sell part of their current shareholdings in the IPO, with the Danish government retaining no less than 50.1% of the company's total shares. Currently, Denmark holds a 58.8% stake, while Goldman Sachs controls 17.9%, SEAS-NVE 10.8%, ATP 4.9% and remaining shareholders 7.6%.

Dong employs a staff of 6,700 and generated DKK 71bn of revenues in 2015.

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
• Investments
• Industrials
• Nordics
• Goldman Sachs Asset Management
• IPO
• Denmark