- Dong Energy has completed the IPO of a 17.4% stake in the company, raising kr19.7 billion ($2.9 billion) in what is the largest IPO in Danish history.
- The initial listing was for kr17.1 billion, but such was the demand the entire overallotment was exercised, rising to the kr19.7 billion figure.
- The listing leaves The Kingdom of Denmark, the energy giant's major shareholder, with a 50.4% stake in the company.
- Other shareholders include Goldman Sachs, the ATP Group and PFA Holding.
- JPMorgan Securities, Morgan Stanley & Co International and Nordea Markets acted as joint global coordinators.
- JPMorgan Securities, Morgan Stanley & Co International, Nordea Markets, Citigroup Global Markets, Danske Bank and UBS acted as joint bookrunners.
- ABG Sundal Collier, Rabobank and RBC Europe acted as lead managers.
- Plesner (Thomas Holst Laursen) advised The Kingdom of Denmark on the deal.
- Lett (Ulrik Bangsbo Hansen, Joachim Kundert Jensen) provided advice to the ATP Group and PFA Holding on the matter.
- Dong Energy was advised by Davis Polk & Wardell on US law matters and Kromann Reumert on Danish law.
- The lead managers were advised by Latham & Watkins on US law and Gorrissen Federspiel on Danish law matters.
Jon Moore - Journalist - EMEA