Denmark's Dong Energy sees share price jump in market debut

The Associated Press

Denmark's Dong Energy, which focuses on wind power generation, has seen its shares jump on the first day of trading, bringing its market value to 98 billion kroner ($15 billion) — the most of any listed company in the country.

 

COPENHAGEN, Denmark (AP) — Denmark's Dong Energy, which focuses on wind power generation, has seen its shares jump on the first day of trading, bringing its market value to 98 billion kroner ($15 billion) — the most of any listed company in the country.

Shares in the utility opened at 235 kroner ($36) on the Nasdaq Copenhagen stock market and rose 10 percent in early trading Thursday.

In all, 72.83 million shares were floated, or 17.4 percent of Dong Energy's share capital.

The aim was to reduce the Danish government's stake in the company from 58.8 percent to 50.1 percent. Goldman Sachs currently holds about 18 percent. The IPO was made with broad support in Parliament.

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

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