A pandora bracelet
Pandora IPO to raise $112m
Posted September 14, 2010 | By Sonia Nair
Pandora plans to raise approximately DKK600 million ($112 million) through its initial public offering (IPO) on the Danish stock exchange.
According to a report by Dow Jones Newswire, the cash generated will be used by Pandora to buy minority interests in a few of its distribution subsidiaries and to allow its private equity owner Axcel to partially exit the business.
In the biggest IPO Denmark will have seen since 1994, Pandora’s majority shareholder Axcel is set net DKK9.4 billion ($1.7billion). After the shares have floated, at least 35 per cent of them will trade on the stock market, according to a Bloomberg report.
The IPO is a “key next step” for Pandora, according to a company statement, that the jewellery giant hopes will raise its profile and help keep employees.
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Pandora to launch IPO