Petrol station operator Applegreen has said it intends to raise about €70m in an initial public offering on the Dublin and London markets.
Applegreen has 96 petrol forecourts in Ireland and 54 in the UK, as well as two in the US. It has a motor fuel market share of about 12% in the Republic of Ireland.
The company said that in the year to December 2014, it reported revenues of €937.3m and adjusted EBITDA of €22.8m.
In a statement today, Applegreen said its growth strategy is focused on acquiring and developing new sites in the markets in which it operates as well as upgrading and rebranding its existing sites.
"The group is well positioned to benefit from recovering economic growth and increased disposable income in the Republic of Ireland and the UK, as well as favourable market trends as the oil majors exit the forecourt market," Applegreen's chief executive Bob Etchingham said.
It is expected that the IPO on London's AIM and Dublin's ESM markets will take place in the second half of June this year.
Applegreen's motorway operations include retail concessions for Burger King and Costa Coffee, as well as more recent additions including Greggs, Chopstix and Lavazza.
In a statement today, the company said its senior management team is highly experienced in the petrol, retail, food and beverage markets and has a strong track record of making acquisitions and growing site numbers.
Its board includes the recent appointments of Daniel Kitchen as non-executive chairman and former Ryanair executive Howard Millar as a non-executive director. It said both of these men have significant capital markets experience.
