Denmark's Dong Energy planning IPO within months

AP News
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Posted: May 12, 2016 5:07 AM

COPENHAGEN, Denmark (AP) — Denmark's DONG Energy, which focuses on wind power generation, says it plans an initial public offering of at least 15 percent of its shares on the Nasdaq Copenhagen stock exchange this summer.

The state-controlled utility said the move would reduce the government's stake in the company from 58.8 percent to 50.1 percent. Goldman Sachs currently holds about 18 percent.

Danish Finance Minister Claus Hjort Frederiksen said 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."

More than half of DONG's electricity and heat generation comes from renewable sources, including offshore wind power.

The company said it plans to proceed toward a listing this summer "barring unforeseen circumstances and subject to prevailing market conditions."