Pets at Home sets flotation share price
Pets at Home has priced its shares at 245p for its stock market flotation, which is in the middle of its initial price range.
The initial public offering for the pet supplies retailer values the company at £1.2 billion.
Pets at Home said the flotation will raise around £280 million which it will use to pay down its debt.
Following the offer, private equity firm KKR will own 46.2% of the company while Pets at Home directors and senior managers will hold 4.3% unless an over-allotment option to sell more shares is exercised.
Never Miss a Retail Update!Pets at Home staff who applied for shares under the Colleague Offer have been allocated 685,306 shares, corresponding to £1.7 million.
Nick Wood, Pets at Home chief executive, 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.”
