DISCOUNT retailer Poundland yesterday unveiled a heavyweight board lineup and its first female non-executive director as part of plans to float on
They join former Carpetright chief executive
The business yesterday fired the starting gun on its initial public offering of shares, which could value the company at about £700m, according to earning estimates.
"It's a momentous day and the start of a new chapter for Poundland," chief executive
The company and its banking advisers are due to meet around 200 institutional investors in the
The company wants to grow to about 1,000 stores, opening roughly 60 new stores every year, and creating 1,500 to 1,800 new jobs a year.
It also laid plans to push further into Spain and cement its position in
"It's a very cash generative business," McCarthy said. "There's hardly any debt in the business and our investment plans will mainly be coming out of cashflow."
The IPO wil mark the beginning of the end for Poundland's private equity ownership, with majority shareholders
No new shares will be issued with the listing and management and directors, who own about 25 per cent, are expected to keep onto their holdings. Poundland was previously owned by another private equity firm,
ADVISERS POUNDLAND Poundland and its private equity backers
Austin is a partner in Freshfields' capital markets practice, where he advises corporate and investment bank clients on a host of capital raising and mergers and acquisition issues.
He has previously worked on various initial public offerings, including
Other equity market deals Austin has worked on include the £5.8bn rights issue by
M&A work has included advising BAE on its proposed merger with EADS,
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