February 8, 2016 / 4:53 PM / 4 years ago

Cigar maker STG narrows range of its IPO - source

COPENHAGEN (Reuters) - The world’s largest cigar maker, Scandinavian Tobacco Group (STG), has narrowed the price range for its initial public offering (IPO) to 99-103 Danish crowns ($14.79-$15.38) per share, a person familiar with the matter told Reuters on Monday.

STG, owner of the Cohiba, La Paz Café Créme and Macanudo brands, had announced earlier this month it plans to issue shares for between 93 crowns and 110 crowns in an IPO worth up to 11 billion Danish crowns ($1.64 billion).

The shares are expected to be admitted the Nasdaq Copenhagen exchange no later than Feb. 10.

JPMorgan Securities, Deutsche Bank and Nordea Markets have been appointed to manage the IPO.

Carnegie Investment Bank has been appointed co-lead manager while FIH Partners is acting as financial advisor to STG.

($1 = 6.6955 Danish crowns)

Reporting by Ole Mikkelsen, editing by Alistair Scrutton and David Evans

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