Steinhoff International priced its shares in variety discount retail chain Dealz & Poundland owner Pepco at 40 zlotys (US$10.5) for its Warsaw stock market listing, valuing the discount retailer at around 23 billion zlotys (US$6 billion). The price tag is towards the lower end of a 38 zloty (US$10.4) to 46 zloty (US$12.3) per share indicative price range, but at 40 zloty (US$10.5) the offer was more than five times subscribed, a person with knowledge of the situation said.
The initial public offering (IPO) is Poland's biggest this year and gives a boost to Warsaw's stock market which has had an uptick in listings, but was passed over by parcel delivery company InPost, which opted to list in Amsterdam in January.
The company chose Warsaw over London because Poland is its largest market. Pepco, which owns the Poundland chain in the United Kingdom as well as the Pepco and Dealz brands in Europe, trades from more than 3,200 stores across 16 countries and is led by chief executive Andy Bond, a former boss of British supermarket group Asda.
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