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Danish family business cashes in with IPO

Pandora, a Danish jewellery maker, has carried out an initial public offering in Copenhagen worth more than €1.3 billion, making it one of the biggest listings in Europe this year.

The jeweller, which is best known for its charm bracelets, was 40% owned by the Enevoldsen family before the IPO. Per and Winnie Enevoldsen founded the company in 1982.

The IPO will dilute their holdings, but family members, who includes son Christian, will continue to play a role in the running of the company.

At its debut, Pandora's shares were priced at DKr210 each (€28.1), but closed up 25%, giving the group a market capitalisation of DKr33 billion.

The Enevoldsen family sold 60% of Pandora to the Danish private equity company Axcel in 2008 for DKr1.1 billion.

The company made DKr2.6 billion in revenues in the first six months of 2010, with pre-tax earnings of DKr1 billion.

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