LM Glasfiber confirms Danish IPO

Doughty Hanson is to retain upwards of 50 per cent in the Danish wind turbine blade manufacturer as it prepares for a Q2 flotation.

LM Glasfiber, the Danish manufacturer of blades for wind turbines, has confirmed that it will list on the Copenhagen stock exchange within the next two to three months.

Doughty Hanson, which acquired the firm in March 2001 for an undisclosed figure, will keep a 50 per cent stake in LM Glassfiber following the listing. On completion of the deal last year, Doughty Hanson suggested that it was looking to list the company within five years.

Dresdner Kleinwort Wasserstein (DrKW) will act as global co-ordinator and bookrunner for the flotation. Nordea Securities, a Danish bank, is joint lead manager. DrKW also advised Doughty Hanson on its acquisition of part of LM Glasfiber last year. The company's market capitalisation is estimated at around E613m.

LM Glasfiber produces 40 per cent of the blades used worldwide and its turnover increased by 38 per cent in 2001 to $315m. The flotation of LM Glasfiber will represent the second listing this year of a wind energy-related firm. Repower Systems, a German wind energy firm, completed E94m listing on the Neuer Markt.

A spokesperson for Doughty Hanson declined to comment on details of the flotation.