// Poundland owner Pepco Group debuts on the Warsaw Stock Exchange
// Pepco Group had priced the IPO at 40 zlotys per share, giving it a valuation of £4.4bn
// The IPO cuts Steinhoff’s stake in Pepco Group to 78.9%
Poundland parent company Pepco Group has made its £4.4 billion debut on the Warsaw stock market.
The firm, which also owns the Dealz and Pep&Co fascias, confirmed this morning that its ordinary shares, identified by the ticker symbol PCO, and listing and admission to trading on the regulated main market operated by the Warsaw Stock Exchange.
Pepco Group had priced the IPO at 40 zlotys per share, giving it a valuation of 23 billion zlotys (£4.4 billion).
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Including the over-allotment option, Pepco Group said approximately 92 million shares were sold in the offer, including a 2.5 million share allocation to retail investors.
A further 23 million existing shares were sold to certain lenders under the debt facilities entered into by Steinhoff, the South African-based retail conglomerate and Pepco Group’s majority shareholder.
In total, the free float when the firm commences trading will be 20.1 per cent.
The IPO also cuts Steinhoff’s stake in Pepco Group to 78.9 per cent.
Pepco Group is targeting more than €1 billion (£865 million) in core earnings within five to seven years by trebling its number of stores.
“The first day of our shares trading on the Warsaw Stock Exchange is a big moment for Pepco Group,” Pepcp Group chief executive Andy Bond said.
“I am very proud of our colleagues across the business and want to thank them for their dedication and hard work over the years.
“We have seen strong engagement from institutional and retail investors throughout the IPO process, and welcome all our new shareholders.
“As a listed company, we look forward to continuing our strong store growth and delivering our successful strategy as Europe’s pre-eminent discount variety retailer.”