Lazard has emerged in a key role as Dong Energy confirmed plans to press ahead with what could be Denmark's biggest IPO ever and lent a boost to the banks involved, in what has been a miserable year so far for equity underwriting work.

Lazard and fellow independent advisory house Rothschild, look set to share in the fee spoils from the bumper IPO of the majority Danish government-owned Dong Energy, which in a May 12 statement announced its intention to float.