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Poundland set for IPO

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Discount store Poundland has announced its intention to float on the London Stock Exchange.

The £1 store’s shares will be offered to institutional investors but that the firm has not said how much it hopes to raise from the sale.

The group is currently 76 per cent owned by US private equity firm Warburg Pincus whilst remaining shares are held by senior management.

The firm’s revenues grew to £880.5m in 2013, up from £641.5m in 2011.

In an LSE announcement, Poundland chief executive Jim McCarthy said: “The value retail sector has been through a period of profound change in scale, customer perception and financial performance.”

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