Pandora Investors Seek to Sell 10% Stake in Danish JewelerPaul Jarvis
Several investors in Pandora A/S are selling a stake of about 10 percent in the Danish maker of charm bracelets, capitalizing on its surging share price.
Funds managed by Danish private-equity firm Axcel, Pewic Holding ApS and Christian and Per Algot Enevoldsen are offering 13 million shares for sale to institutional investors, according to an e-mailed statement from Danske Bank A/S and Goldman Sachs Group Inc., which are acting as joint bookrunners.
The sale mirrors one by the same shareholders on March 14, since when the shares have risen 18 percent. The stock has more than doubled in the past year as shoppers have snapped up the jeweler’s collections of charms. Pandora, based in Glostrup, Denmark, raised its annual sales forecast this month after reporting first-quarter revenue that exceeded estimates.
Pandora rose 1 percent to 413.20 kroner in Copenhagen today, the highest close since its 2010 initial public offering. The stock fell as low as 34.30 kroner a year after the IPO when the jewelry maker suffered a collapse in demand. It has since turned a page after introducing new products more frequently.
Axcel bought a controlling stake in Pandora in 2008 and later reduced its holding. It will own about 3.7 percent of the company following the transaction and a separate purchase of shares from Michael Lund Petersen, a minority founding shareholder, the statement shows.
Pewic and the founding Enevoldsen family will retain a stake of 1 million shares in the company.
All of the selling shareholders have agreed not to sell any more Pandora shares within 90 days of the transaction.
A Pandora spokesman declined to comment on the sale.