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Flotation success

Shares in Vestas went like hot cakes within hours of the company's flotation on April 16 -- and the share price of DKK 270 was maintained once trading on the Danish stock exchange started on April 30. There were eight times as many interested investors as shares for sale. The company now has more than 13,000 new shareholders, of which 12,800 are private investors. Of the DKK 1287 million raised by the flotation, DKK 1044 million was earned by the previous owners, Dutch holding company Jopo II BV, and DKK 222 million went to Vestas. The money was immediately put to use. On May 5 Vestas announced it had bought the derelict facilities of a shipyard, the Nordsøværft, not far from its headquarters near Ringkøbing. The purchase includes a 6000 square metre factory building which will house the assembly line for the new Vestas 1.65 MW turbine, now to go into series production. The machine has a rotor diameter of 66 metres. Jopo II BV, the holding company for a group of European institutional investors, now owns one-third of the company. Danish investors LD Pension and Danica still retain their 16% ownership of Vestas.

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