Chr. Hansen IPO Is Fully Subscribed

COPENHAGEN (Reuters) – Danish food ingredients maker Chr. Hansen’s initial public offering (IPO) of new shares is fully subscribed, sources close to the deal told Reuters on Wednesday.

Last month Chr. Hansen announced plans to raise 3.16 billion Danish crowns ($516 million) in an IPO, with book-building running from May 25 to June 2. 

Chr. Hansen, which has said it plans to announce the price and allocation of shares on June 3, closed the offering to Danish retail investors for amounts up to 3 million crowns on Monday.

The price range for the offering is 87-117 crowns per share.

Two sources, who declined to be identified, said the IPO was fully subscribed.

Analysts said last week the IPO would probably be priced at the low end of the indicated range after recent stock market falls.

The planned listing marks a thaw in the Danish IPO market. The previous major listing in Copenhagen was that of insurer TrygVesta (TRYG.CO) in 2005.

Danish ambulance services group Falck also plans to join the Copenhagen bourse, while owners of Danish telecom group TDC (TDC.CO) are expected to make a large offering of stock this year. 

(Editing by Sharon Lindores) ($1=6.123 Danish Crown)