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 99-103 DKK ($14.86-$15.46) valuing the company at as much as $1.46 billion. Previously the shares were estimated between 93-110 DKK, which valued the company as high as $1.64 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 listed under STG.

STG was formed in 2009 by merging Skandinavisk Holding A/S and the cigar and pipe business of Swedish Match. This created a company with over 9,000 employees and around $1 billion revenue.

Skandinavisk Holding A/S—which is composed of two family foundations: Augustinus Fonden and Det Obelske Familiefond—assumed 51 percent ownership, while Swedish Match retained 49 percent membership and was paid $30 million.

A standstill agreement prevented either side from selling their stakes in STG for five years. In August 2014, we reported that STG was looking at an IPO as a way to buy Swedish Match out of its stake.

However, shortly after news broke, the company’s ceo, Anders Colding Friis resigned to take a new job at the jewelry company Pandora, delaying the public offering which was expected to take place early last year. Furthermore, private equity firms took interest in the company.

Now, the company has a new ceo and has announced that it will sell as much as 40 percent of the company.

“Scandinavian Tobacco Group was created in 2010 when Swedish Match contributed assets to create a global leader within cigars and pipe tobacco as well as a strong position within fine-cut tobacco,” said Lars Dahlgren, president and ceo of Swedish Match.

“Since then, Scandinavian Tobacco Group has worked to grow net sales, integrated a number of acquisitions and implemented production efficiency initiatives to create a robust platform for profitability and strong cash generation. It is now a good time to transition into a new ownership structure for Scandinavian Tobacco Group and for Swedish Match to further focus on its core business.”

Interestingly, Swedish Match has said that the sale is expected to be on “equal basis by STG’s two shareholders” which would mean Swedish Match could retain roughly 30 percent of the company even after the IPO.

The company claimed to be the global leader in machine-made cigars, pipe tobacco and the U.S. leader of handmade cigars and online cigar sales. It says it produced 3 billion cigars and has 8,400 employees

STG reported 6126 MDKK ($896.76 million) in revenue for 2014 up from 5,925 MDKK ($1.09 billion) in 2013.

Update (Jan. 28, 2016) — Added new info about share price estimates. This post was originally published on Jan. 18.

Update (Feb. 8, 2016) — Added updated share price estimates.

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Charlie Minato

I am an editor and co-founder of Media, LLC. I previously co-founded and published TheCigarFeed, one of the two predecessors of halfwheel. I have written about the cigar industry for more than a decade, covering everything from product launches to regulation to M&A. In addition, I handle a lot of the behind-the-scenes stuff here at halfwheel. I enjoy playing tennis, watching boxing, falling asleep to the Le Mans 24, wearing sweatshirts year-round and eating gyros. echte liebe.