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OW Bunker’s $980 Million IPO Denmark’s Second Biggest Since 2010

OW Bunker A/S (OW) said its initial public offering will give the marine fuel provider a market value of 5.33 billion kroner ($980 million), making it Denmark’s second-largest listing since 2010.

OW Bunker sold shares at 145 kroner apiece, at the high-end of the indicative range of 120 kroner to 150 kroner set last week, the Noerresundby, Denmark-based company said today. The shares will start trading at 9 a.m. in Copenhagen.

Altor Equity Partners AB, a Stockholm-based private equity company, is selling 17.9 million shares and OW Bunker is issuing 759,000 new shares giving the stock a free float of 52 percent, or 60 percent if an over-allotment option is exercised in full. It’s Denmark’s second-biggest IPO this year after ISS A/S went public last month in a 21.9 billion-krone listing.

“We are satisfied with the result of this process and the overwhelming interest in the offering,” Soeren Johansen, deputy chairman of OW Bunker, said in a statement.

Private-equity firms have returned to the European IPO market, lured by an economic recovery. IPOs in the region have raised more than $14 billion this year, four times what they sold in the same period in 2013, according to data compiled by Bloomberg.

OW Bunker sells about 7 percent of the fuel used by the world’s fleet. It reported a 20 percent jump in 2013 sales to $17 billion, which makes it Denmark’s largest listed company based of on revenue after A.P. Moeller-Maersk A/S. It reported net income of $63.4 million compared with $42.7 million in 2012.

After ISS, OW Bunker’s IPO will be the biggest since the 2010 listings of Chr. Hansen A/S and Pandora A/S.

To contact the reporter on this story: Christian Wienberg in Copenhagen at

To contact the editors responsible for this story: Tasneem Brogger at Jonas Bergman, Alastair Reed

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