DONG Energy Raises IPO Minimum Price Target

The minimum price target for DONG Energy’s shares which are expected to start trading on Nasdaq Copenhagen on 9 June has been raised, Reuters reported a source familiar with the matter as saying.

The company’s owners have set a price range of between DKK 220 to DKK 255 per share, as opposed to initially announced price target of between DKK 200 and DKK 255.

The reason behind the raise of the minimum price target is due to the shares being ”heavily over-subscribed in the low end,” the source told Reuters.

The initial price range was revealed on 26 May when DONG also set the date for its Initial Public Offering (IPO).

The IPO consists of a base offering of between 15.1% and 17.4% of the existing shares in the company through a partial sell-down by the current shareholders of DONG Energy. No new shares will be issued in the IPO.

The current shareholders of DONG are the Kingdom of Denmark (58.8%), New Energy Investment S.à r.l. (17.9%), SEAS-NVE Holding A/S (10.8%), ATP (4.9%) and other shareholders (7.6%). The Kingdom of Denmark, as majority shareholder, will sell part of its current shareholding while maintaining a 50.1% shareholding after the IPO.

The IPO could potentially value the company at DKK 106.5 billion (EUR 14.3bn).