Denmark’s Orsted A/S faces mounting market pressure after announcing plans to raise more than $9bn via a rights offering – a move Clean Energy Transition CEO Per Lekander says is practically an open call to short the stock, according to a report by Bloomberg.

The boss of the London-based hedge fund fund believes that that the lack of a set price for the offering, combined with the likelihood of a discount and broader operational concerns, creates an attractive short opportunity. Orsted shares have dropped nearly 30% since the announcement, wiping about $6.5bn from its market value, with Lekander projecting further declines toward DKK150.

The Danish government, which holds a 50.1% stake, has pledged to cover just over half of the raise. Analysts, including Citigroup’s Jenny Ping, warn the size of the offering may hint at deeper issues, while uncertainty over dilution clouds the investment case. However, Lekander notes the possibility that a large strategic investor could take a major stake, echoing this year’s surprise rally in Belgium’s Elia Group after a similar capital raise.