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Pets at Home, Poundland Price Shares Ahead of Trading

Pets at Home Group Plc priced shares at 245 pence each in its initial public offering as the animal-care company raises money to pay back existing shareholders and reduce its debt.

Pets at Home is raising 280 million pounds ($466 million) to repay debt and cover transaction costs, the U.K. chain said in a statement today. KKR & Co. and other shareholders will receive gross proceeds of 210 million pounds, it said. Conditional dealings in the shares begin today.

Before today, IPOs in London this year have raised about $3.7 billion, five times what companies sold in the same period in 2013, as buyers return to the U.K. stock market, according to data compiled by Bloomberg. The FTSE 350 General Retailers Index has advanced about 11 percent this year, more than triple the gains of the FTSE 250 Index as investors bet on an economic recovery in the U.K.

Separately, Poundland Group, the discount retailer partially owned by U.S. buyout firm Warburg Pincus LLC, priced shares at 300 pence apiece as the discount retailer said it expected to raise as much as 431 million pounds, should an overallotment option be exercised. Poundland also begins trading today.

JPMorgan Chase & Co. and Credit Suisse Group AG are among banks managing the Poundland sale. Bank of America Corp., Goldman Sachs Group Inc., KKR Capital Markets Ltd. and Nomura Holdings Inc. are managing the Pets at Home IPO.

To contact the reporter on this story: Ruth David in London at rdavid9@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Robert Valpuesta, David Risser

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