Dong Energy market cap at $15B. Set for Copenhagen debut
Danish energy company Dong Energy has completed its Initial Public Offering.
Admission to trading in and official listing on Nasdaq Copenhagen of the shares of DONG Energy is expected to take place on June 9 2016.
The company said that the final offer price was DKK 235 per offer share, valuing the company at DKK 98.2 billion. Converted to U.S. dollars, the final offer price was $36.01, and the market capitalization is $15.05 billion.
Claus Hjort Frederiksen, Danish Minister of Finance, said that as a representative of the majority shareholder he was pleased to see that there has been a lot of interest in becoming part of the ownership of DONG Energy – both among retail and professional investors.
He said: “It gives DONG Energy a solid foundation to retain and develop its position as one of the leading green energy companies in the world. Recognition goes to the management and employees, for all of their hard work in connection with the IPO.”
Worth noting, while DONG Energy is looking to turn its business mostly towards renewables, the company also has producing oil and assets in Denmark, Norway and the UK. The oil and gas business is being managed for cash, which will be reinvested in renewable energy.
— DONG Energy (@DONGEnergy) June 8, 2016
Regarding the IPO, Thomas Thune Andersen, Chairman of DONG Energy, said: “It’s a privilege to welcome all new shareholders, both the professional investors and the many Danish private investors. I see it as a vote of confidence in the management and the many talented and dedicated employees, who persistently strive to make DONG Energy a world-leading renewable energy company. I’m looking forward to continuing the development of the company with our new and existing shareholders.”