As expected, the initial public offering (IPO) for Scandinavian Tobacco Group (STG) is back on track. The company, which claims to be the largest manufacturer of premium cigars and owns General Cigar Co. and Cigars International, has said that it will sell as much as 40 percent in an IPO on the Copenhagen Stock Exchange with shares estimated at 93-110 DKK ($13.64-14.16) valuing the company at as much as $1.6 billion. According to a press release, the shares are expected to be admitted no later than Feb. 10. “Since we announced our intention to launch an IPO, we have received very positive feedback from potential investors and other stakeholders,” said Niels Frederiksen, ceo of STG, in a press release. “We have several avenues for growing our business, and by optimising our business, particularly our supply chain, we improve profitability as well as our capabilities to act as consolidator of our industry. With our solid financial performance, a strong and diversified brand portfolio and global presence, we are in good shape to welcome new shareholders. ” The company says it offer 35.6 million shares, equivalent to 35.6 percent of the company, with rights to offer an additional 4.4 percent by March 11. It will be ...
↧