Member Article

Poundland’s floatation valued at £750 million

High street discount retailer Poundland says its market capitalisation will be £750 million.

Strong investor interest in the retailer’s initial public offering, which closed last night, looks likely to generate Poundland £375 million.

Following the Offer, US private equity investors Warburg Pincus Funds will own 37.9% of the Company assuming no exercise of the over-allotment option and 30.4% assuming exercise in full of the over-allotment option.

Poundland directors and members of senior management will own 10.2% of the company.

Jim McCarthy, CEO of Poundland Group plc 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.”

Paul Best, managing director of Warburg Pincus, added: “Poundland is a great example of our growth investment approach. We identified the European discount market as an attractive and growing industry and believed that Poundland’s best-in-class management team would be great partners.

“We are pleased with the tremendous growth that management and employees have delivered to date and look forward to continued growth in both the UK and internationally.”

This was posted in Bdaily's Members' News section by Tom Keighley .