Danish transport and logistics company DSV has successfully completed a large share sale, raising approximately DKK 37.3 billion (€5 billion) in gross proceeds. The company issued over 26.4 million new shares through an equity offering aimed at institutional investors.
The sale price was set at DKK 1,410.50 per share, and the funds raised are expected to finance DSV’s acquisition of Schenker AG partly.
The new shares represent about 12.4% of DSV’s existing share capital before the sale and will make up around 11% after the company’s total capital increases. These shares will be available for trading on Nasdaq Copenhagen from 9 October 2024.
Major investors in the offering include BlackRock, which committed USD 1.1 billion, and the Canada Pension Plan Investment Board (CPP Investments), which invested EUR 600 million. Other notable investors include Norges Bank, BLS Capital, and ATP.
This share sale was conducted without offering pre-emption rights to existing shareholders, meaning the new shares were sold directly to large institutional investors. The sale was oversubscribed, showing strong demand from the market.
Both DSV’s management and board members, along with the company itself, have agreed not to sell further shares for the next 180 days, as part of a lock-up agreement that aims to stabilise the company’s stock price following the offering.