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UPDATE 1-Pandora to announce IPO terms early next week-sources

Published 09/17/2010, 11:03 AM
Updated 09/17/2010, 11:08 AM
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* Sources say jewellery maker's prospect likely next week

* Source: owners plan to decide on price range this weekend

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By Ole Mikkelsen and Peter Levring

COPENHAGEN, Sept 17 (Reuters) - Danish jewellery brand Pandora is likely to post the prospect for a planned initial public offering early next week, sources close to the deal said on Friday.

Pandora said on Sept. 7 it intended to raise around 600 million Danish crowns ($103.7 million) in a stock market listing that will also give a partial exit to its private equity and family owners.

"It is not unlikely that it will happen in the beginning of next week," one source said.

Another source said the investment banks handling the IPO and the owners were planning to decide this weekend on the price range for the new share issue, and an announcement would come shortly after. "Next week is a good bet," the source said.

Pandora spokesman Kasper Riis declined to comment.

Pandora, which makes jewellery in Thailand and had 2009 sales of 3.46 billion crowns, was tipped as a likely candidate for an initial public offering by banking sources last month.

Private equity investment firm Axcel holds 59.3 percent of Pandora's shares through funds it controls, while the rest is owned by the founding family.

Goldman Sachs, JP Morgan, Morgan Stanley and Nordea will be joint global coordinators and bookrunners for the IPO, while Carnegie and SEB are co-lead managers. Rothschild and FIH Partners are financial advisors to Pandora and Prometheus Invest, a vehicle controlled by Axcel. ($1=5.688 Danish Crown) (Editing by Jon Loades-Carter)

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