Dollar General, the value retailer backed by private equity house KKR, floated on the New York Stock Exchange last week.

KKR still controls 89.5% of Dollar General, which would be valued at $7.7bn (£4.6bn), based on the $716m (£427.8m) raised in the IPO.

The retailer has been one of the winners in the recession. In the second quarter, same-store sales rose 8.6%.

It has 8,500 stores of about 7,000 sq ft, primarily in small rural or suburban communities where rents are cheaper. While the retailer has traditionally catered for consumers with limited disposable income, it has attracted more high-end shoppers since the recession hit.