Good start to Pandora’s IPO

(Reuters) – Danish Jewellery maker Pandora’s initial public offer (IPO) was covered at the end of the first day of bookbuilding, a banking source close to the deal said.

The source said the sale of up to $2.16 billion of stock, had a “very good start”, after books opened on Thursday, quickly attracting enough orders to cover the base deal — excluding overallotment shares.

Danish newspaper Berlingske Tidende reported on Friday most orders were around the middle of the 175 to 225 crowns per share price range.

Order books close on October 4 and the shares are due to start trading on the Copenhagen bourse the next day.

The deal mostly comprises a sale by owners, private equity firm Axcel and the founding family, with 44.5 million existing shares and 2.7 to 3.4 million new shares on offer, plus a greenshoe — of 6.7 million existing shares.

Goldman Sachs, JP Morgan, Morgan Stanley and Nordea are joint global coordinators and bookrunners for the IPO, while Carnegie and SEB are co-lead managers.
(Reporting by By Chris Vellacott. Additional reporting by Anna Ringstrom in Copenhagen; Editing by Mike Nesbit)