Reuters reports that Axcel hopes to raise USD 1 billion via an initial public offering of shares in their portfolio company Pandora, a Danish jewellery maker. Axcel owns around 60 per cent of the company.
Pandora saw its revenue grow to around DKK 3billon in 2009 from DKK 1.9 billion in 2008.
The IPO exit route has been as good as closed for most Nordic private equity firms last year and also European private equity firms have faced a difficult exit market. An IPO of Pandora would serve as a good sign for the private equity market and fund managers with companies that are ready for the public market.