Ding dong: Energy company set to announce plan for £8.5bn IPO
Dong Energy is expected to announce its plan for an initial public offering (IPO) tomorrow.
The flotation is expected to value the company around 80bn Danish crowns (£8.5bn).
The majority state-owned utility company is Europe’s largest offshore wind farm developer and has a large operation in the UK, where it employs more than 700 staff.
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Dong Energy announced last September that it was intending to pursue an IPO within 18 months after initiating its preparations.
It hired JP Morgan Securities, Morgan Stanley and Nordea Markets to help manage the flotation.
Reuters first reported that the IPO plan is likely to be announced on Thursday. Dong Energy declined to comment.
The Danish government previously sold 18 per cent of the company to a group of investors led by Goldman Sachs in 2014. It plans to keep a 51 per cent stake in Dong Energy after the flotation.
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This year has seen a slow start for the IPO market, globally and in Europe.
The global IPO market fell to its lowest level since 2009 in the first quarter, according to Dealogic. IPO volume for the first three months of this year, to 29 March, stood at $13.2bn (£9.2bn), down 67 per cent on the same period last year.