By Dominic Chopping


Shares in Svitzer moved sharply higher Tuesday, giving the Danish towage and marine-services provider an equity valuation of around $1 billion as it began trading in Copenhagen.

The stock was priced at 200 Danish kroner ($28.75) a share at the trading open but by 0830 GMT had risen 13% to DKK225.

A share price of DKK225 values the shares at DKK7.1 billion, or $1.02 billion.

The company has a fleet of tug boats that help maneuver ships in and out of ports and terminals and also offers services such as line handling and personnel transfer, among others.

It has been demerged from A.P. Moeller-Maersk, which outlined plans to spin off the business earlier this year as it continues to focus on becoming a fully integrated logistics provider.

Shares in Svitzer have been distributed to Maersk shareholders, who received two Svitzer shares for each Maersk share they own with a nominal value of DKK1,000. Holders of Maersk shares with a nominal value of DKK500 received one new Svitzer share.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

04-30-24 0454ET