Outside the box

5 October 2010 By Alexander Smith

Shares in the Danish jewellery maker were priced at the top end of the range and rose 15 pct on their debut, despite its private equity owner making a partial exit. Pandora is unleveraged and demand for its distinctive bracelets is brisk. Others can learn from its success.

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Denmark's Pandora priced its initial public offering at 210 Danish crowns per share, the top of an indicated range and valuing the jewellery maker at $5 billion in one of Europe's largest stock market listings this year.

If an overallotment option is exercised, the IPO will raise 11.36 billion Danish crowns ($2.1 billion).

Pandora sold 2.86 million new shares in the IPO, raising 560 million Danish crowns ($100 million).

Prometheus Invest, a vehicle owned by private equity firm Axcel, sold 44.55 million shares.

After the IPO, Prometheus, Pandora's founding family and its management will own 57.4 percent of the company if the overallotment option is exercised.

"The offering attracted strong interest from investors both in Denmark and internationally," Pandora, which generates nearly all its revenue from charm bracelets, said on Oct. 5.

The shares had risen to 241 Danish crowns by 0832 GMT.

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