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KKR-backed Pets at Home Group prices IPO with £1.3bn market cap

28 Feb 2014

pounds3_lrgKKR-backed pet shop group Pets at Home Group has priced its upcoming IPO on the London Stock Exchange at 210p to 260p.

At the high end of the indicative range, the company would have a market cap of £1.3bn.

Pets at Home expects to receive proceeds of around £280m from the IPO, which will enable it to reduce its debts. It expects to have a free float of between 25 and 40 per cent after the IPO.

KKR, which bought the company for £955m in 2010 from fellow private equity firm Bridgepoint, may realise a part of its investment through the repayment of shareholder loans or a sale of new shares.

Bridgepoint acquired the company for £230m in 2004, and had explored a potential IPO before exiting the company via a secondary sale.

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