A year and a half after word got out that Scandinavian Tobacco Group (STG) was planning an initial public offering, the company’s shares are finally listed on Nasdaq Copenhagen.
Earlier today, the company executed its ipo, listing 35.6 million shares at a price of 100 DKK ($15.04) per share. An additional 4.4 million shares can be listed between now and March 11. With the additional shares, the company would be 40 percent public, 31 percent controlled by Skandinavisk Holding II A/S—two different family trusts—and 29 percent by Swedish Match.
As it stands now, 36.6 percent are public, 33.2 percent are held by Skandinavisk Holding II A/S and Swedish Match retains the additional 31.2 percent.
At 100 DKK per share, the company is valued at $1.5 billion. Shares ranged from 95-102 DKK in the first day of trading before closing at 100 DKK.
“Becoming a listed company marks the beginning of a new era for Scandinavian Tobacco Group and I would like to thank all new shareholders for the interest and trust they have shown us,” said Niels Frederiksen, ceo of STG, in a statement. “I would also like to extend my thanks to our many skilled employees who have worked hard to make this happen. We are all committed to deliver on our promises and on our ambitious plans.”
STG claims to be the largest cigar company in the world, producing over 3 billion machine and handmade cigars annually, along with 5,000 tons of pipe and cut tobacco. It is the parent company of General Cigar Co., which sells brands such as CAO, Cohiba, La Gloria Cubana, Macanudo and Partagas in the U.S., as well as Cigars International, the largest retailer of cigars in the U.S.
It was formed in 2009 after a merger between Skandinavisk Holding and Swedish Match’s cigar and pipe business. STG employs over 8,000 people around the world.