Danish private equity firm Axcel has taken jewellery company Pandora public in a Copenhagen listing worth up to DKK11.5bn (€1.5bn).
Shares in the company were fixed at DKK210 (€28.1) each, giving it a market capitalisation of DKK27.3bn (€3.6bn). 2.8 million new shares were issued, raising net proceeds of DKK560m (€75.2m), along with a sale of 44.5 million existing shares by Prometheus Invest ApS, with around 5,000 investors taking stakes.
The offering amounts to DKK9.9bn (€1.3bn), but an over-allotment option exercisable until 4 November 2010 could raise the offering size to DKK11.3bn (€1.5bn)
Pandora manufactures and sells customisable charm bracelets, as well as rings, bracelets, necklaces and earrings, with a presence in 47 countries. The company generated revenues of DKK3.5bn (€465m) in 2009 and EBITA of DKK1.6bn (€214m), and looks set to top that figure for 2010, generating DKK2.6bn (€465m) revenues in the first half of the year.
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