The flotation of wind turbine manufacturer Nordtank on the Danish stock exchange was so successful that buyers for as many as 5.7 million shares -- at the top price of DKK 350 for a DKK 20 share -- were left on the sidelines on November 13. Trading was brisk on the following day, though, with share prices rising to DKK 371 after 165,000 shares changed hands.
The flotation began with an offer of 750,000 shares, increased by 115,000 during the day when Nordtank's majority shareholder, Union Bank of Switzerland, relinquished all but 5% of its 75% holding. By the end of the day Nordtank had 4000 new shareholders -- and DKK 49 million ($8.4 million) in new capital. The major shareholder is now Nordtank's managing director, Vagn Trend Poulsen, who after the flotation owns 20%.
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