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Steinhoff Seeks $1.2 Billion From Discount Chain Pepco’s IPO

  • Fast-growing Pepco won’t receive any proceeds from the listing
  • Steinhoff plans to use funds from the IPO to repay debt
U.K. Retail Sales Continue Rebound But Clouds are Gathering
Photographer: Simon Dawson/Bloomberg
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Steinhoff International Holdings NV is looking to raise as much as 4.6 billion zloty ($1.2 billion) by listing its European retail arm Pepco Group NV in Poland, capitalizing on increased demand for discount goods amid the coronavirus crisis.

The South African retailer and other holders plan to sell 101.3 million existing shares, the company said in a statement on Wednesday. Pepco won’t receive any proceeds from the offering.