Dong Energy, Wind Power Operator, to Pursue I.P.O. in Copenhagen

Source: By CHAD BRAY, New York Times • Posted: Thursday, May 12, 2016

The Danish utility Dong Energy is the world’s largest offshore wind energy operator. Jeff J. Mitchell/Getty Images 

LONDON — Dong Energy, the Danish utility and the world’s largest offshore wind energy operator, said on Thursday that it planned to list its shares in an initial public offering in Copenhagen.

The company first announced plans to pursue an I.P.O. in September after a review.

The listing on Nasdaq in Copenhagen would most likely occur in the summer, the company said on Thursday.

“Today’s announcement marks an important step in Dong Energy’s strategic journey,” Thomas Thune Andersen, the company’s chairman, said in a news release. “We look forward to inviting new shareholders to take part in the future ownership of the company and to join us in our journey to build a sustainable energy system for the future.”

Dong Energy generates more than half of its electricity and heat from renewable resources. It reported revenue of 70.8 billion Danish kroner, or about $10.8 billion, in 2015 and employs 6,700 people.

The offering would consist of a sale of at least 15 percent of the company, with existing shareholders selling shares in the I.P.O.

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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 would maintain a 50.1 percent holding after the listing.

“We are proud of Dong Energy’s development in renewable energy and its contribution to a sustainable future,” Claus Hjort Frederiksen, the Danish finance minister, said. “The I.P.O. has the support of a broad majority in Parliament, and we look forward to follow the company’s continued journey as a listed company.”

An investment by Goldman Sachs 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.