Dong Energy May Be Valued at Up to $16 Billion in I.P.O.

Source: By CHAD BRAY, New York Times • Posted: Thursday, May 26, 2016

LONDON — Dong Energy, the Danish utility and the world’s largest offshore wind energy operator, said on Thursday that it could be valued at up to 106.5 billion Danish kroner, or about $16 billion, in its initial public offering in Copenhagen next month.

The company unveiled plans this month to list its shares on Nasdaq in Copenhagen, after saying in September that it would pursue a public offering of shares after a review.

The company said it expected to price its offering in a range of 200 kroner to 255 kroner a share, for a market capitalization of 83.5 billion kroner to 106.5 billion kroner.

“We look forward to welcoming new shareholders who can join us in our journey towards building a greener energy future,” Thomas Thune Andersen, the Dong Energy chairman, said in a news release.

The offering would consist of a sale of 15.1 percent to 17.4 percent of the company, with existing stockholders selling shares.

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The Danish government, which owns 58.8 percent of the company, plans to sell part of its stake in the offering, but it will keep a 50.1 percent holding after the listing.

“The I.P.O. is an important milestone in the development of Dong Energy,” Claus Hjort Frederiksen, the Danish finance minister, said.

Dong Energy generates more than half of its electricity and heat from renewable resources. It reported revenue of 70.8 billion kroner in 2015 and employs 6,700 people.

A Goldman Sachs investment in Dong Energy nearly led to a collapse of the Danish government in 2014. A Goldman-controlled entity owns 17.8 percent of the company.

JPMorgan Chase, Morgan Stanley and Nordea Bank Danmark are acting as joint global coordinators on the offering.