Pets at Home and Poundland have set the prices for their floats as they have now listed on the London stock exchange.
Pets at Home’s offer price has been set at 245p a share which values Pets at Home at £1.2bn.
Poundland has revealed shares have been priced at 300p per share, valuing the retailer at £750m.
Pets at Home’s offer comprises 200 million shares representing 40% of Pets at Home’s share capital on admission.
KKR, Pets at Home’s private equity owner, will receive gross proceeds of £210m pursuant to the offer.
KKR will take 46.2% of shares and directors and senior executives will hold 4.3% of shares.
Pets at Home colleagues who applied for Shares under the Colleague Offer have been allocated 685,306 Shares, equating to £1.7m.
Pets at Home chief executive Nick Wood said: “Today’s announcement marks an important moment for all of us at Pets at Home. We are delighted that our initial public offering has been so well received by colleagues, institutions and retail investors alike, who have recognised that this is a unique and differentiated business with multiple opportunities for future growth. Pets at Home has enjoyed strong growth for over a decade and we are now ready to move on to the next stage of our development as a listed business.”
Both Pets at Home and Poundland’s premium listing to the stock exchange and the commencement of unconditional dealings will take place on Monday. Pets will have 500 shares in issue at admission.
Poundland is expected to raise gross proceeds of £375m assuming no exercise of the over-allotment option and £431m in assuming exercise in full of the over allotment option.
Following the offer Poundland’s private equity owner Warburg Pincus will own 37.9% while Poundland directors and members of senior management will own 10.2% of the retailer. JP Morgan has been granted shares representing 15% of the company.
Poundland chief executive 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.”
Warburg Pincus managing director Paul Best said: “Poundland is a great example of our growth investment approach.”