THE IPO of jewellery maker Pandora came under further attack yesterday when the Danish financial market regulator referred one of its advisers to the police.
Denmark’s Financial Supervisory Authority said Nordea Bank Denmark had failed to report the fact that it held a large financial position in Pandora prior to its flotation last October.
Nordea Denmark was one of four lead arrangers on the Pandora IPO, alongside Goldman Sachs, JP Morgan, Morgan Stanley, and issued an investment analysis of the company ahead of the float.
But it failed to disclose that at the time it owned 3.9 per cent of Pandora, worth an estimated 1.23bn Danish krone (£145m). The Danish FSA said it would ask the police to investigate Nordea.
“It is the FSA’s evaluation that the general disclaimer does not sufficiently live up to the notice requirements regarding the announcement of significant financial interests,” it said.
Pandora’s £1.1bn IPO last year was feted as a landmark deal but quickly soured on fears over its cost base and sales mix.