DONG Energy announces intention to launch an Initial Public Offering

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DONG Energy announces intention to launch an Initial Public Offering

DONG Energy has announced its intention to launch an Initial Public Offering (IPO) of its shares on Nasdaq Copenhagen, Denmark. 

On 18 September 2015, DONG Energy A/S published the conclusion of its IPO roadmap and announced that the company would work towards an IPO and listing of its shares on Nasdaq Copenhagen before the end of Q1, 2017. 

Now, DONG Energy confirms its intention to proceed with the next step towards an IPO and listing on Nasdaq Copenhagen. Barring unforeseen circumstances and subject to prevailing market conditions, the IPO could be launched for a listing in summer 2016. 

The Kingdom of Denmark, as majority shareholder, will sell part of its current shareholding in the IPO, while maintaining a 50.1% shareholding in DONG Energy after the IPO. The intended IPO is expected to consist of a sale of at least 15 per cent of the existing shares in the company through a partial sell-down by the current shareholders of DONG Energy other than employee shareholders. The final offer size will be communicated in connection with the publication of the prospectus by the firm. No new share capital will be issued in the IPO. 

The company is currently owned by the Kingdom of Denmark (58.8%), New Energy Investment S.à r.l. (indirectly owned by entities under the control of the Merchant Banking Division of The Goldman Sachs Group, Inc.) (17.9%), SEAS-NVE Holding A/S (which is directly controlled by SEAS-NVE A.M.B.A) (10.8%), ATP (4.9%) and other shareholders (7.6%). 

Claus Hjort Frederiksen, Minister of Finance, the Kingdom of Denmark:

“We are proud of DONG Energy’s development in renewable energy and its contribution to a sustainable future. The Company has grown from primarily being a Danish utility business to become an international company with many activities outside of Denmark. The IPO has the support of a broad majority in Parliament, and we look forward to follow the Company’s continued journey as a listed company”. 

Thomas Thune Andersen, Chairman of the Board of Directors, DONG Energy:

“Today’s announcement marks an important step in DONG Energy’s strategic journey. In just a decade, DONG Energy has transformed from being a regional utility business and one of the most coal-intensive utilities in Europe into a global leader in renewable energy. We look forward to inviting new shareholdersto 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”. 

Henrik Poulsen, CEO of DONG Energy:

“Over the past decade, DONG Energy has established a world-leading position in offshore wind, which accounted for 75% of our capital employed at the end of 2015. We have a robust and highly visible build-out plan for offshore wind, which will deliver strong and profitable growth in the coming years. Our focus on renewable energy has turned DONG Energy into one of the fastest growing energy groups in Europe with almost 2/3 of operating income generated outside of Denmark. The planned IPO will create a strong platform for DONG Energy as we continue to lead the transformation of the energy system”. 

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