Poundland To Seek £750m With London IPO

According to weekend reports, British hard discounter Poundland is expected to formally announce its…

According to weekend reports, British hard discounter Poundland is expected to formally announce its intention to float on the London stock market this week.

The variety store chain which sells every item in its stores for £1, which has seen rapid growth during the economic downturn, is expected to seek a total valuation of up to £750 million.

The Sunday Telegraph fist reported on the story, and said that the chain is being advised by Rothschild and is also working with bankers at JP Morgan, Credit Suisse, Shore Capital and Canaccord Genuity.

Poundland has 517 stores in the UK and Ireland, where it trades under the Dealz brand. Last week the company said it would open up to 10 Dealz stores in Spain over the next two years.

The company posted record Christmas sales last month, boosting its potential price tag for a flotation.

It follows on from news last month when Essex-based McColl's Retail Group confirmed long running speculation that it will launch an IPO on the London Stock Exchange in a bid to raise £50 million.