Denmark's DONG Energy Mulls $15 Billion IPO
Danish oil and gas group DONG Energy said on Tuesday it is ready for an initial public offering (IPO) and a listing on the Copenhagen exchange.
The IPO, which analysts say could value the group at up to 80 billion Danish crowns ($15.78 billion), is expected to comprise a sale of shares to Danish institutional and private investors, as well as to international institutional investors, Dong Energy said in a statement.
Denmark's Finance Ministry said in a separate statement a prospectus would be made public in the coming weeks, but did not give a more precise schedule for the listing.
"We see attractive opportunities for creating additional growth in the years ahead and expanding our position in Northern Europe," DONG Energy Chief Executive Anders Eldrup said.
Denmark -- which owns about 73 percent of DONG -- plans to retain a majority holding.
DONG produces oil and gas in the North Sea. It also holds an interest in potential developments around the Faroe and Shetland Islands and a 10 percent stake in Norwegian Ormen Lange gas field.
Denmark has selected Danske Bank, Citigroup and Morgan Stanley as global joint coordinators of the offering. Nordea is
joint lead manager.