Charm-bracelet maker Pandora valued at $5Bn

Pandora, the Danish charm-bracelet manufacturer, has priced its initial public offering at 210 crowns per share at the top of the indicated range, which values the company at $5 billion. The offering saw Pandora issue 2.86 million new shares, and a sale of 44.55 million existing shares by the owner, Prometheus Invest ApS.

(Reuters) – Pandora priced its initial public offering at 210 crowns per share, the top of an indicated range and valuing the jewellery maker at $5.0 billion in one of Europe’s largest stock market listings this year.

“The offering attracted strong interest from investors both in Denmark and internationally,” Pandora, which gets nearly all its revenue from charm bracelets, said on Tuesday.

The offering comprised an issue of 2.86 million new shares, raising about 560 million crowns for the company, and a sale of 44.55 million existing shares by the owner Prometheus Invest ApS, it said.

There is also an over-allotment option to sell an additional 6.68 million existing shares. The free float will be 35.9 percent before any exercise of the over-allotment option, and 41.0 percent if it option is exercised fully, Pandora said.

About 5,000 investors have been allocated shares in Pandora whose so-called “create and combine” bracelets and charms accounted for 86 percent of sales in the first half of the year.

The shares were due to start trading on the Copenhagen bourse at 0700 GMT.

The offering by the company, provides a partial exit to its majority owner, private equity firm Axcel, and the founding family.

Goldman Sachs, JP Morgan, Morgan Stanley and Nordea were joint global coordinators and bookrunners for the IPO, while Carnegie and SEB were co-lead managers.

Rothschild and FIH Partners are financial advisors to Pandora and Prometheus Invest, a vehicle controlled by Axcel.