DONG Energy, the Danish firm whose portfolio includes North Sea oil and gas assets and UK windfarms, has set the price range for a stock market flotation which could value it at up to DKR106.5 billion (£10bn). The company plans to float on the Nasdaq Copenhagen exchange next month following an initial public offering which it expects will allow investors including the Danish Government and Goldman Sachs to raise up to DKR 18.5bn by selling part of their holdings. DONG Energy said it has a low cost oil and gas portfolio centred around three high-quality assets in the North Sea. These include a 20 per cent stake in the giant Laggan Tormore development off Shetland, which Total brought onstream in February. The company operates six windfarms off England. It is developing the Hornsea facility off Yorkshire, which it says will be the largest offshore windfarm in the world. Chairman Thomas Thune Andersen, said: “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.” DONG set an indicative price range of DKR 200 to DKR 255 per share for the IPO.
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