Poundland to float on London Stock Exchange

Tuesday 18 February 2014 07.48
Poundland entered the Irish market in 2011 under the 'Dealz' brand
Poundland entered the Irish market in 2011 under the 'Dealz' brand

British retailer Poundland will list its shares on the London Stock Exchange in March, joining a surge of store groups seeking flotations as consumer spending improves.

The company, which operates as 'Dealz' in Ireland, said the offer will comprise a partial sale to institutional investors of the holdings of majority owner Warburg Pincus and senior management.

Poundland will not be issuing any new shares to investors in the offer.

Two people familiar with the matter told Reuters in November that Poundland would seek a valuation of £700-800 million.

Warburg Pincus owns 76% of Poundland, with the balance owned by the retailer's management, led by Chief Executive Jim McCarthy, a 30-year veteran of the retail sector.