February 17, 2010 / 2:39 PM / 9 years ago

Jewelry firm Pandora eyes $1 billion IPO: sources

COPENHAGEN (Reuters) - Danish private equity fund Axcel aims to raise $1 billion this year through an initial public offering (IPO) of shares in Danish jewelry maker Pandora, two investment bank sources told Reuters on Wednesday.

Axcel owns almost 60 percent of Pandora, whose revenue grew to around 3 billion Danish crowns ($550 million) last year from 1.9 billion in 2008.

“I think it will be this year. Otherwise a consortium would not be set up and meetings held,” one of the sources said, speaking on condition of anonymity.

Top executives at Axcel and Pandora declined to comment.

Three planned European private-equity-backed IPOs have been pulled this month due to weak investor interest.

Editing by John Stonestreet

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