Poundland sets IPO price, demand high
Europe's biggest single-price retailer Poundland, which trades as Dealz here, set the price of its IPO at 300 pence a share, the top of its initial price range, and valuing the company at £750m.
It is understood that demand had been high, with the books covered over fifteen times.
Shares in the company rose by one third on the stock's debut.
Poundland's flotation is expected to raise £375m and see private equity firm Warburg Pincus reduce its stake in company to 37.9pc, or 30pc if an over-allotment is exercised.
Britain's retail industry is set for a flurry of offerings this year. AO World floated in February, while Boohoo.com, B&M and House of Fraser are also expected to come to market.
JP Morgan and Credit Suisse are bookrunners on the Poundland listing.