Dong Energy kr19.7 billion Nasdaq Copenhagen IPO

Overview:

• Dong Energy has completed the IPO of a 17.4% stake in the company, raising kr19.7 billion ($2.9 billion) in what is the largest IPO in Danish history.
• The initial listing was for kr17.1 billion, but such was the demand the entire overallotment was exercised, rising to the kr19.7 billion figure.
• The listing leaves The Kingdom of Denmark, the energy giant's major shareholder, with a 50.4% stake in the company.
• Other shareholders include Goldman Sachs, the ATP Group and PFA Holding.
• JPMorgan Securities, Morgan Stanley & Co International and Nordea Markets acted as joint global coordinators.
• JPMorgan Securities, Morgan Stanley & Co International, Nordea Markets, Citigroup Global Markets, Danske Bank and UBS acted as joint bookrunners.
• ABG Sundal Collier, Rabobank and RBC Europe acted as lead managers.
• Plesner (Thomas Holst Laursen) advised The Kingdom of Denmark on the deal.
• Lett (Ulrik Bangsbo Hansen, Joachim Kundert Jensen) provided advice to the ATP Group and PFA Holding on the matter.
• Dong Energy was advised by Davis Polk & Wardell on US law matters and Kromann Reumert on Danish law.
• The lead managers were advised by Latham & Watkins on US law and Gorrissen Federspiel on Danish law matters.

Jon Moore - Journalist - EMEA