June 9, 2016
Deal Profile
On June 9, the Danish Government and Goldman Sachs Capital Partners successfully raised $2.6bn (pre-overallotment) via a selldown in Danish utility Dong Energy.
The bookrunners were JPMorgan, Morgan Stanley, Nordea, Citi, Danske Bank, and UBS.
As a global partner, Dealogic helped the global coordinators, bookrunners, and co-lead managers seamlessly execute the transaction through the DealManager network.
Key Points
- The largest global IPO so far this year
- It is the largest privatization deal globally since November 2015, when ABN AMRO Group listed for $4.1bn
- The largest Nordic IPO since 2001 (Statoil, $2.9bn) and the largest EMEA utility & energy IPO since 2010 (Enel Green Power, $3.4bn)
- If the overallotment is exercised, it will be Denmark’s largest IPO on record
- Nordic IPO volume accounts for 28% of EMEA IPOs priced in 2016 YTD, the highest market share since 2001 (30%) and up from a 7% share in 2015 YTD, with activity accounting for 23% of the total, slightly down on 2015 YTD (28%). Four more IPOs in the Nordic pipeline are expected to price in June 2016
Top 3 Global IPOs in 2016 YTD
- Dong Energy – $2.6bn | Denmark | Jun 2016
- China Zheshang Bank – $1.9bn | China | Mar 2016
- MGM Growth Properties – $1.2bn | United States | Apr 2016
Top 3 Danish IPOs on Record
- Tele Danmark – $3.0bn | Denmark | Apr 1994
- Dong Energy – $2.6bn | Denmark | Jun 2016
- Pandora – $2.1bn | Denmark | Oct 2010