(Bloomberg) -- DSV A/S’s share sale on Thursday drew in excess of $30 billion in orders as demand for the deal surpassed the number of shares on offer by more than five times, according to people familiar with the matter.
The Danish freight-forwarding company sold 37.3 billion Danish kroner ($5.5 billion) in shares overnight to help finance its acquisition of DB Schenker.
Long-only investors took up more than 90% of the shares on offer, with the remainder going to hedge funds, one of the people said, asking not to be identified because the matter is private. In total, the deal attracted more than 250 orders at the top of the marketed range, people familiar with the matter have said.
DSV was pleased with the “overwhelming interest” in the transaction, Chief Financial Officer Michael Ebbe said in an emailed response for comment.
The accelerated bookbuilding process priced the shares at the top of a marketed range at 1,410.50 kroner apiece, the same as Thursday’s close, according to a term sheet seen by Bloomberg. The offer was Europe’s second-largest equity capital markets transaction this year after National Grid Plc’s $8.9 billion rights issue, according to data compiled by Bloomberg.
There were enough orders for the available shares within minutes of the launch, supported by anchor orders from long-only funds on top of commitments by cornerstone investors, Bloomberg reported on Thursday. The investors include BlackRock Inc. and Canada Pension Plan Investment Board, DSV said earlier in a statement.
BNP Paribas SA, Danske Bank A/S, HSBC Holdings Plc, JPMorgan Chase & Co. and Nordea Bank Abp helped DSV arrange the stock sale.
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