Poundland sets IPO price
Poundland has set the price of its shares at 300p each ahead of its stock market flotation to give the company a market capitalisation of £750 million.
The retailer, which will see its shares begin trading at 8am this morning, said the initial public offering of 125,000,000 shares is expected to raise £375 million.
Following the offer, private equity firm Warburg Pincus will see its stake in the company reduce to 37.9%, or to 30.4% if an over-allotment is exercised. Poundland directors and members of senior management will own 10.2% of the company.
Jim McCarthy, chief executive of Poundland Group, said: "I’m very pleased to welcome our new shareholders to Poundland. The combination of a track record of delivering strong, profitable growth underpinned by a well-invested infrastructure and a compelling growth story has attracted overwhelming support for Poundland’s IPO. We look forward to continuing to deliver, as a listed company, Poundland’s mission to provide our customers with amazing value every day."
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