Danish windfarm giant Dong Energy is to IPO in a deal that puts the operator at £11bn.

Dong Energy is planning to float part of the windfarm giant on the Nasdaq Copenhagen Stock Exchange, with an offering of between 15.1% to 17.4% to be sold off of the existing shares in the company. The lead banks on the deal are JP Morgan, Morgan Stanley and Nordea.

Dong Energy was founded by the Danish government in 1972, focused on the oil and gas sector. It slowly transitioned into the windfarm heavyweight it is today, with a wide portfolio of assets that include circa £5bn of UK assets.

The privatisation of Dong could prove to be politically contentious. In 2014 the sales of a stake worth approximately 17% to US investment bank Goldman Sachs created political turmoil in Denmark, with the move leading to the departure of the socialists from the coalition government.

After the IPO is finished Denmark will remain the major shareholder with 58.8% of the company.

Danish minister of finance Claus Hjort Frederiksen said that the IPO would be an “important milestone in the development of DONG Energy.” He added that the company “Has grown from primarily being a Danish utility business to becoming a growing international company with a leading position in the offshore wind sector.”

Meanwhile, CEO Henrik Poulsen said that the company “Has constructed 22 offshore wind farms, and holds a market share of 26% of the globally installed offshore wind capacity.”