Danish energy giant Dong Energy has set a price range for its initial public offering set to be launched this month.

The indicative price range has been set at DKK 200 to DKK 255 per share of DKK 10 nominal value. This range corresponds to an implied market capitalisation of DONG Energy of between DKK 83.5 billion to DKK 106.5 billion. In U.S. dollars, the market cap would be somewhere between $12.5 billion and $16 billion.

Dong Energy said the planned IPO is expected to support the company’s future growth and strategy, advance its international profile and provide DONG Energy with improved access to public capital markets and a diversified base of new Danish and international shareholders.

The Offering consists of a base offering of between 15.1% and 17.4% of the existing shares in the company through a partial sell-down by the current shareholders of DONG Energy other than employee shareholders.

The Kingdom of Denmark, as majority shareholder, will sell part of its current shareholding while maintaining a 50.1% shareholding after the IPO. No new shares will be issued in the IPO. The offer period will start on 26 May 2016.