DONG Energy Narrows IPO Pricing Range

Danish utility and offshore wind farm developer DONG Energy has narrowed the price target for the company's share sale in Copenhagen, cutting off the top end of range, one source with direct knowledge to the matter said.

The price range has been narrowed to 225 Danish crowns and 235 crowns ($34.39-$35.92) from an earlier target of 220-255 crowns.

"A message was sent to investors on Tuesday night that they are at risk of not getting any shares granted if they place orders in the low end of the new price range," the source said.

Shares in DONG Energy are set to trade on the bourse in Copenhagen on Thursday. The top of the range would value the company at 98.2 billion Danish crowns ($15 billion), potentially making it Europe's biggest initial public offering this year.