Danish utility firm Dong Energy has claimed that its initial public offering in June this year could value the business at up to $16 billion, which would make the company one of the biggest players in the European stock market this year.
Dong, a Danish state-owned company, has previously held back on its IPO scheme due to the repercussions of the current financial market and parliamentary elections. Since this, Dong Energy has managed to heighten its profitability and minimized its debt by heavy and successful investments into offshore wind. It plans to keep 50.1% of its shares in the IPO and then sell between 15.1% and 17.4%, amounting to a figures between £63.2million and £72.8million.
The energy giant originally focused on coal utilities, but in recent years it has become the world leader in offshore wind, with this market growing to be a central part of Britain’s energy industry. It’s thought that Dong Energy will be one if not the main contributor to Britain’s energy security, especially after recent revelations of potential power shortages expected to hit the UK in the next two years. According to Dong’s company website, the utility group is looking to reduce the UK’s offshore wind prices by 35-40% by 2020.
“Over the past decade, Dong Energy has transformed itself. It is now a financially secure, fast growing, profitable business with a leading position in the exciting offshore wind sector,” Thomas Thune Andersen, Dong chairman has said.
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