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KKR’s Pets at Home hits £1.225bn market cap in London IPO

12 Mar 2014

KKR-backed specialist retailer Pets at Home Group priced its IPO at the midpoint of its range at 245 pence a share, giving the company a market cap of £1.225bn.

Pets at Home willreceive proceeds of around £280m from the IPO of 40 per cent of the company, which will enable it to reduce its debt pile. Meanwhile KKR is set to receive £210m from the listing, alongside other minority shareholders. The firm will hold a 46.2 per cent stake.

KKR bought the company for £955m in 2010 from fellow private equity firm Bridgepoint, which in turn acquired it for £230m in 2004, and had explored a potential IPO before exiting the company via a secondary sale.

Nick Wood, CEO, Pets at Home, said, “Today’s announcement marks an important moment for all of us at Pets at Home. We are delighted that our initial public offering has been so well received by colleagues, institutions and retail investors alike, who have recognised that this is a unique and differentiated business with multiple opportunities for future growth. Pets at Home has enjoyed strong growth for over a decade and we are now ready to move on to the next stage of our development as a listed business.”

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