Capital markets in Denmark

Gorrissen Federspiel

Gorrissen Federspiel's capital markets team is instructed by an assortment of underwriters, issuers and investors on capital markets matters, with particular expertise in IPOs, takeovers, stock exchange listings, equity and debt issuances, and spin-off and demerger work. In the department, group head Rikke Schiøtt Petersen also handles securities offerings, public and private M&A and corporate governance issues; Klaus Søgaard has a strong track record in public takeover bids and IPOs; and banking and finance practice head Michael Steen Jensen regularly assists clients with issuer-side capital markets transactions.

Practice head(s):

Rikke Schiøtt Petersen

Other key lawyers:

Klaus Søgaard; Michael Steen Jensen; Chantal Pernille Patel; Mikael Philip Schmidt; Tobias Linde; Morten Nybom Bethe; Mikkel Fritsch

Key clients

Ernst Göhner Stiftung / Panalpina Welttransport AG

Abacus Medicine A/S

Novo Holdings A/S


Orphazyme A/S


SP Group A/S

Jyske Bank A/S

Spar Nord Bank A/S

Danske Bank A/S


Danske Bank


ABG Sundal Collier


Work highlights

  • Assisted Ernst Göhner Stiftung as major shareholder of Panalpina Welttransport AG in connection with the acquisition by DSV A/S of the entire share capital in Panalpina Welttransport Holding AG.
  • Assisted Abacus Medicine A/S in connection with the investment by Chr. Augustinus Fabrikker Aktieselskab in Abacus Medicine A/S for an ownership share of 1/3 of the shares of Abacus Medicine A/S.
  • Assisted SEAS-NVE A.m.b.A. in connection with its acquisition of the Danish power distribution, residential customers and city light business of Ørsted A/S.

Kromann Reumert

At Kromann Reumert, the capital markets team is best known for its involvement in a large number of the country's major debt capital markets transactions, including high-value EMTN prospectus updates and bond issuances. Practice co-head Marianne Philip handles complex M&A transactions, IPOs, verification processes, restructurings and corporate governance issues; while fellow group head Christian Lundgren has extensive experience in regulatory issues including matters relating to corporate criminal law and FDI regulations. M&A specialist Christina Bruun Geertsen has particular expertise in IPOs and verification processes, and Henrik Møgelmose is also recommended.

Practice head(s):

Christian Lundgren; Marianne Philip

Other key lawyers:

Christina Bruun Geertsen; Jørgen Kjergaard Madsen; Henrik Møgelmose; Kim Rasmussen


‘A large firm with highly skilled and knowledgeable lawyers. Professional, thorough and highly competent. The different teams I have worked with possess good market knowledge and have always demonstrated a great ability to identify client needs and to communicate solutions in a timely manner – also at short notice. The strength of this firm is also in their lawyer engagement with the client and their cases and the fact that they are pleasant to work with.’

‘Kim Rasmussen – Highly skilled, highly knowledgeable and constructive – a truly outstanding lawyer within the Danish capital markets sector.’

‘They are the top provider in DK for the type of fund services we request.’

Key clients

Danske Bank A/S

Carlsberg Breweries A/S

FLSmidth & Co A/S

Scandinavian Tobacco Group A/S

Bavarian Nordic A/S

Genmab A/S

Pandora A/S


Ørsted A/S


Nilfisk Holding A/S

Lundbeck A/S

SimCorp A/S

ALK-Abello A/S

Jeudan A/S

Tivoli A/S

Novo Nordisk A/S

Coloplast A/S

GN Store Nord A/S

Work highlights

  • Advised Nets Holding A/S on Mastercard’s purchase of parts of Nets’ corporate services business units.
  • Assisted Ørsted A/S with the update of Ørsted’s €7bn EMTN programme and the issuance of (in aggregate) NTD12bn green senior bonds in Taiwan.
  • Advised Novo Holdings and Orpha Pooling B.V. on a large directed issuance and private placement of new and existing shares transaction.


At Plesner, the capital markets group, which comprises ECM and DCM sub-divisions, is equally at ease advising on international matters as it is domestic work. It handles a range of public M&A transactions, IPOs and listings, accelerated book-builds, takeover procedures and rights issuances for companies and securities listed on Nasdaq Copenhagen and international stock exchanges. Thomas Holst Laursen and Nicolai Ørsted head up the ECM practice, while Thomas Maaberg Hansen spearheads the DCM team. Another name to note is debt-to-equity restructuring expert Henrik Laursen, who provides ‘specific, practical and useful advice’.

Practice head(s):

Thomas Holst Laursen; Nicolai Ørsted; Thomas Maaberg Hansen

Other key lawyers:

Henrik Laursen; Micha Fritzen


‘We are a newly listed company and Henrik Laursen’s capital markets team became our trusted advisor on capital markets law in no time. The team are very good in framing their advice to match our needs perfectly.’

‘Henrik Laursen is extremely hard-working, always accessible, very pleasant to work with and – most importantly – he is never afraid of “leaning out” with specific, practical and useful advice.’

Key clients

Netcompany Group

Various entities within the Macquarie Group

Nordea Danmark, Filial af Nordea Bank Abp, Finland

Danske Bank


If P&C Insurance

Danish Ministry of Finance

Zealand Pharma

Carnegie Investment Bank

JP Morgan

Morgan Stanley

Deutsche Bank



European Energy


NTG – Nordic Transport Group

Nordic Waterproofing Holding

Work highlights

  • Advised Veloxis Pharmaceuticals A/S, the target company, in a ground-breaking voluntary public takeover with a deal value of DKK8.9bn.
  • Advised H. Lundbeck A/S on the establishment of a highly complex €2bn EMTN programme.
  • Advised Citigroup and Nordea Denmark, a branch of Nordea Bank Abp, as joint global coordinators on a challenging and fully underwritten rights issuance by Bavarian Nordic A/S.


The capital markets group at Bech-Bruun, led by Morten Krogsgaard, is equally adept at handling equity transactions and complex regulatory issues. The regulatory practice combines traditional stock exchange regulation, corporate governance and market abuse expertise with bond and derivatives knowledge. It is also active in public-to-private transactions and has experience in IPOs, buy-backs, prospectuses and delistings. Names to note include M&A expert  Jacob Hjortshøj, compliance specialist David Moalem and Steen Jensen, who is noted for his takeover bid and peer-to-peer lending expertise.

Practice head(s):

Morten Krogsgaard

Other key lawyers:

David Moalem; Steen Jensen; Jacob Hjortshøj

Key clients

BofA Merrill Lynch, Morgan Stanley, Jefferies

Asahi Kasei Corporation

Velliv, Pension & Livsforsikring A/S, Denmark

Nordea Danmark

DSVM Group

Scandinavian Credit Fund I AB

SGL TransGroup International A/S (part of the Scan Global Logistics group)

Lundbeck A/S

Novozymes A/S

Flügger Group A/S

Work highlights

  • Advised Asahi Kasei Corporation on its acquisition via a Danish SPV of a 90% stake in Veloxis Pharmaceuticals A/S and subsequent compulsory acquisition of the outstanding minority shareholders.
  • Assisting BofA Merrill Lynch, Morgan Stanley, and Jefferies as joint global coordinators with executing an IPO and dual listing on Nasdaq Global Select Market of a Danish pharmaceuticals company, Nasdaq Copenhagen-listed Genmab A/S, and its sale of $581mn of American Depository Shares.
  • Acting as counsel to Velliv, Pension & Livsforsikring A/S Denmark in connection with its solicitation of consents from the holders of its outstanding SEK2.25bn floating rate callable subordinated tier 2 notes.


Mazanti-Andersen specialises in cross-border capital markets transactions, particularly direct and indirect IPOs of Danish companies domestically and on prominent international stock exchanges. Jointly led by Lars Lüthjohan Jensen, Thomas Weisbjerg and Frederik B. Hasling, the capital markets group is particularly active in the IT and life sciences sectors. Other key areas of strength include convertible notes transactions, variable equity financings, private placements, rights issuances and delisting procedures.

Practice head(s):

Lars Lüthjohan Jensen; Thomas Weisbjerg; Frederik B. Hasling

Key clients

Ascendis Pharma A/S

Forward Pharma A/S

Oncology Venture A/S

Strategic Investments A/S

Freetrailer A/S

Virogates A/S

Mitsui & Co. Ltd.

Vald. Birn Holding A/S

Y-mabs Inc and A/S

Work highlights

  • Advised Ascendis Pharma on its $690m follow-on offering of American depositary shares on Nasdaq, US.
  • Advised Ymabs Therapeutics on its $145m public offering on Nasdaq, US.
  • Advised Oncology Venture A/S on its SEK100m rights offering of shares and warrants on Nasdaq First North Sweden.

Moalem Weitemeyer

Acting frequently on the issuer side of transactions, the practice at Moalem Weitemeyer has a strong local track record in public and private deals, equity issuances, public exchange offers, takeover offers and regulatory issues. Adept at handling accelerated book-build offerings in particular, Henning Aasmul-Olsen heads up the team, which also fields named partner Dan Moalem and senior associate Henning Hedegaard Thomsen, who is noted for his public takeover expertise.

Practice head(s):

Henning Aasmul-Olsen

Other key lawyers:

Dan Moalem; Henning Hedegaard Thomsen

Key clients

Søren Alminde Holding ApS

JCA Holding ApS

Coping Management ApS

JOOL Capital Partners

Danske Andelskassers Bank A/S


Pandora A/S

Enel SpA

Mongo DB, Inc.

Tryg A/S




Johnson & Johnson



Bain Capital Private Equity

Advent International Corporation

Shape Robotics A/S

Astralis A/S

Work highlights

  • Advised DSV Panalpina A/S on the €5.5bn public exchange offer for 100% of the shares in Panalpina.
  • Advised Pandora A/S on an accelerated book-build offering of own shares to institutional investors globally, raising DKK1.8bn.
  • Advised major shareholder Chr. Augustinus Fabrikker Aktieselskab – as principal guarantor – on the fully underwritten rights issuance of Bang & Olufsen, raising DKK409m.

Accura Advokatpartnerselskab

Active across the full gamut of capital markets transactions, Accura Advokatpartnerselskab provides 'quality and speediness regarding regulatory approvals’. Key areas of strength include takeovers, share issuances, stock exchange listings, share buy-backs, prospectus draftings and delisting procedures. Mads Kjellerup Dambæk specialises in assisting financial sector clients, while regulatory expert Anne Zeuthen Løkkegaard joined the team in 2020 from NASDAQ Copenhagen following the departure of Lars Hagbard Grønkjær to DLA Piper Denmark. Kim Toftgaard, Kåre Stolt, Henrik Juul Hansen, Mads Ilum and Thomas Weincke also have experience with capital markets transactions.

Practice head(s):

Anne Zeuthen Løkkegaard; Mads Kjellerup Dambæk; Kim Toftgaard; Kåre Stolt; Henrik Juul Hansen; Mads Ilum; Thomas Weincke


‘Accura has a unique ability to execute very quickly on mandates while ensuring both quality and speediness vis-a-vis regulatory approval.’

Key clients



H+H International

AP Pension

Bang & Olufsen

Arbejdernes Landsbank

Vestjysk Bank

Den Jyske Sparekasse

Ringkjøbing Landbobank

Lån & Spar Bank

Spar Nord Bank

Jyske Bank

Work highlights

  • Advised the joint global coordinators and bookrunners (Danske Bank A/S, Goldman Sachs International, Morgan Stanley & Co. International plc and Nordea Denmark) on SEAS-NVE’s divestment of shares in Ørsted.
  • Assisted Lundbeckfond Invest A/S with the divestment of shares in Veloxis Pharmaceuticals A/S.
  • Assisted BNP and Citigroup with the Danish part of the securitisation of Lenovo trade receivables.

Bruun & Hjejle

Bruun & Hjejle's capital markets practice is skilled across a broad array of equity and debt capital markets work, including bond and note issuances, private placements, sell-down transactions, public takeovers and IPOs. Morten Jensen heads up the team, which advises financial institutions, private equity funds and corporate clients. Another name to note is Andreas Nielsen, whose practice also encompasses equity issuances, securities law compliance matters and syndicate structuring work.

Practice head(s):

Morten Jensen

Other key lawyers:

Andreas Nielsen; Paula Grønlund


‘Always available and highly competent.’

‘Apart from being very skilled, Morten Jensen also takes the specific client and the clients “peculiarities”, in account when advising us. Because of his knowledge and experience, he is able to give more than legal counselling.’

‘Dedication, experience and a good understanding of the goal.’

‘Dedication, willingness to speak up and say things we as a client hoped not to hear, strong follow up.’

‘Very competent and experienced team.’

Key clients

Danske Bank

Karnov Group Denmark A/S

Better Collective

Nordea Bank, Sweden

Nordic Trustee

Work highlights

  • Advised Better Collective A/S on its €34.5m acquisition of 100% of the stakes in
  • Advising Nordea and Nordic Trustee on a new bonds issuance, which was made for the purpose of refinancing an existing bonds issuance.
  • Advising Danske Bank, as an arranger, on a sell-down transaction by founders by way of overnight accelerated book-build, valued at DKK500m.

DLA Piper Denmark

DLA Piper Denmark is particularly active in the DCM space. Ian Tokley is the key practitioner with expertise in the issuance and listing of corporate bonds, prospectus preparations and verification processes. Anders Kaasgaard, who was promoted to partner in 2020, has experience in ECM work. Former group head Niels Erik Nielsen retired in 2019 and Lars Hagbard Grønkjær joined from Accura Advokatpartnerselskab in 2020. Other areas of focus include share buy-backs, disclosure requirements and financial regulation.

Practice head(s):

Ian Tokley; Anders Kaasgaard

Other key lawyers:

Lars Hagbard Grønkjær

Key clients

Jyske Realkredit


DSV Panalpina A/S

Brondbyerns IF Fodbold

Merlin Entertainments

Scale Capital Fund II K/

eSoft Systems

Cemat A/S

Prime Office A/S

Work highlights

  • Assisted DSV Panalpina with its establishment and listing of a €2.5bn medium term note programme on the Irish Stock Exchange.
  • Assisted Brøndbyernes I.F. A/S with its rights issuance including the facilitation of a group of guarantors to secure the issuance.
  • Assisted Merlin Entertainments with acceding to the new senior facilities agreement and guaranteeing the newly issued bonds for the purpose of acquiring Merlin Entertainments.


Singled out for its ability to ‘think outside of the box’, Horten has a track record in both DCM and ECM work. Jacob Kornerup and Lise Lotte Hjerrild jointly head up the group, which acts for issuers, financial institutions and investors on listings, delistings, issuances, real estate bonds, public-private partnerships, information obligations and corporate governance issues.

Practice head(s):

Lise Lotte Hjerrild; Jacob Kornerup

Other key lawyers:

Claus Bennetsen


‘They are very competent, very quick, efficient, and generally very nice to work with.’

‘Extraordinary experience and knowledge, and able to get the right expert colleagues involved as needed and keep that process well managed.’

Key clients

Jyske Bank A/S

Nets A/S

Deutsche Bank

Mobylife Holding

Kapital Partner

Conferize A/S

Aquaporin A/S

NIL Technology ApS

Berenberg Bank


Work highlights

  • Advising G4S plc on all legal aspects of the Danish part of the demerger and consequential delisting and listings on Nasdaq Copenhagen.
  • Assisted the owners of First North with the set-up relating to company law and tax law prior to its listing.
  • Advised 5th Planet Games on its rights issuance on Nasdaq, Norway.


Under the leadership of Christian Bredtoft Guldmann, who has a track record advising institutional investors on capital market investments, Lundgrens is increasingly focused on capital markets work and has developed experience in public to private M&A, IPOs, and compliance issues. Clients include a range of pension funds, private equity funds and corporations.

Practice head(s):

Christian Bredtoft Guldmann


‘Very broad knowledge within their area.’

‘Christian Bredtoft Guldmann has very good commercial knowledge, which helps a lot in negotiations.’

Key clients

LED iBond International A/S

Totalbanken A/S

Teachers Pension

P+ Pension



Gyldendal A/S

Norwegian Energy Company ASA

The corporate bondholders of PWT Holding A/S

Findos Investor

Work highlights

  • Advised Totalbanken on the first share issuance on the main stock exchange on Nasdaq Copenhagen utilising a new legislative exemption that allows for opting out of the prospectus.
  • Advised Findos on its public to private acquisition of FFW Group.
  • Advised LED iBond International A/S on its IPO and listing on Nasdaq First North Growth Market.