Steinhoff Seeks $1.2 Billion From Discount Chain Pepco’s IPO

0
11

(Bloomberg) — Steinhoff International Holdings NV is looking to raise as much as 4.6 billion zloty ($1.2 billion) by listing its European retail arm Pepco Group NV in Poland, capitalizing on increased demand for discount goods amid the coronavirus crisis.

The South African retailer and other holders plan to sell 101.3 million existing shares, the company said in a statement on Wednesday. Pepco won’t receive any proceeds from the offering.

Shares will be marketed at 38 zloty to 46 zloty apiece. At the top end of the range, the offering would be the sixth largest-ever in Warsaw. The deal, which values Pepco at as much as 26.4 billion zloty, will be priced on May 14, with the new stock set to start trading in Warsaw on or about May 26.

Pepco is one of the largest brick-and-mortar retailers to tap the European IPO market after a spate of listings by companies benefiting from the shift to virtual sales in recent months. Those included Polish postal locker…

Read more…