B&M makes waves with £2.7bn market capitalisation
Leading discount chain B&M Retail, which has headquarters in Liverpool is set to have a market capitalisation of £2.7bn when it floats on the London Stock Exchange.
The company has priced its shares at 270p each which is due to generate proceeds of up to £1.19bn with the chain expecting to receive around £75m of that.
Simon and Bobby Arora will retain their majority shareholdings in the group but private equity firm Clayton, Dubilier & Rice, which acquired a stake two years ago, will sell some of its shares.
Conditional dealings in B&M’s shares began this morning (12 June 2014) and unconditional dealings will start on 17 June.
Chief executive Simon Arora said:
“We believe that becoming a public company gives us the right long-term ownership model, allowing us to build on our strong track record as we move to the next stage of development.
“We look forward to continuing to offer incredible value to our loyal customers, to bring the B&M experience to more people as we roll out stores and to breathe life into high streets and retail parks across Britain, creating thousands of jobs each year.”
B&M, which was originally founded in 1976 and purchased by the Arora brothers in 2004, said the float would provide an “appropriate long-term ownership structure” to support its ambitious plans for growth across the UK and Europe.
Source: Insider Media