Discount retailer B&M European Value Retail S.A. Thursday said in a statement it has priced its initial public offering, or IPO, of 400,000,000 shares at 270 pence per share.
The company expects the offering to raise gross proceeds of 1.08 billion pounds, assuming there is no exercise of the over-allotment option. If the option is exercised, gross proceeds would total approximately 1.18 billion pounds.
The retailer would receive around 75 million of gross proceeds from the IPO. The selling shareholders, comprising of Simon Arora, Bobby Arora and Robin Arora, and Clayton, Dubilier & Rice Fund VIII, L.P., and certain other co-investment vehicles acting through CD&R European Value Retail Investment S.à r.l., would get around 1 billion pounds of gross proceeds, assuming no exercise of the over-allotment option.
The offer price will give the company market capitalization of 2.7 billion pounds, the company said. The number of shares offered represents 40 percent of the company's ordinary issued share capital.
The stock of B&M European Value Retail will start trading at the London Stock Exchange at 8:00 am today under the symbol BME.
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