Pandora’s IPO value moves above $2.1Bn

Pandora, the Danish jewellery maker, said that the value of its IPO has moved above $2.1 billion, after arrangers of its initial public offering exercised an overallotment option on 6.68 million shares. Prometheus Invest ApS – an investment vehicle of Axcel, set up by Axcel and the founding family – now holds about 54.7 percent of Pandora.

(Reuters) – Danish jeweller Pandora said arrangers of its initial public offering fully exercised an overallotment option on 6.68 million shares, boosting the total IPO value above $2.1 billion.

The company debuted on the Copenhagen bourse on Tuesday after a partial exit by its majority owner, private equity investor Axcel, and the founding family.

Pandora said in a statement that the overallotment, also called a greenshoe, raised the total number of shares in the offering to 54.09 million and the value of the deal to 11.36 billion crowns ($2.13 billion) from a preliminary 9.96 billion crowns.

After the exercise of the greenshoe, the selling shareholder Prometheus Invest ApS would hold about 57.4 percent of Pandora’s share capital, the company said.

Prometheus is a vehicle of Axcel, which was set up by the company’s founders and share-owning management for the purpose of the IPO.

Goldman Sachs, J.P. Morgan, Morgan Stanley and Nordea Markets were the joint global coordinators and bookrunners for the offering. Carnegie and SEB Enskilda were co-lead managers. (Editing by David Cowell)