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Pets at Home to float at up to 260p per share, valuing it at 1.3bn pounds

Fri, 28th Feb 2014 07:43

Pet goods retailer Pets at Home has announced details of its plans to float on the stock market.

The group said it would set the expected price range for the offer at 210p to 260p per share, valuing it on admission at between ?1.05bn and ?1.3bn.

Pets at Home is following in the footsteps of a string of companies to launch on the market last year including insurers Direct Line and Esure, housebuilder Crest Nicholson and formerly state-owned UK postal operator Royal Mail.

Pets at Home, led by Chief Executive Nick Wood (pictured), said the offer would be available to institutional investors, retail investors through financial intermediaries and Pets at Home staff.

It said expected proceeds from the offering of about ?280m will allow it to reduce debt, which at admission would stand at about ?275m.

Since the first store opened in 1991, Pets At Home has expanded into a 369-strong chain with annual sales of ?652m and underlying profits of ?107m.

It also jointly runs 246 Companion Care and Vets4Pets vets surgeries and 116 Groom Room salons.

US private equity firm KKR is the majority shareholder, while 500 staff, including directors, own a 10% stake.

In addition to the proceeds raised to reduce indebtedness, shareholder KKR and certain other investors and members of the management team may realise a part of their investment in the group through the repayment of shareholder loans and/or a sale of new shares, Pets at Home said.

The total size of the offer should achieve a free float of between 25% and 40% of the issued share capital.

Shares representing up to 15% of the offer are also being made available by the principal shareholder and certain other investors pursuant to over-allotment arrangements.

Pets at Home staff will be able to apply to purchase shares in the offer at the offer price, with tranches of either ?250, ?500 or ?750 worth of shares available to each individual employee.

It is currently envisaged that a minimum of 85% of the offer will be allocated to institutional investors and up to 15% to members of the public and Pets at Home staff through the intermediaries offer and the staff offer.


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