The firm, which operates the Pepco and Dealz brands in Europe, had planned to go public in 2020 with a dual listing in London and Warsaw as a possibility.
However, it is thought that Pepco has ultimately decided to list in Warsaw due to the group’s substantial presence in Eastern Europe.
Announcing the move, Pepco said it believes that the offering is a “natural step at this point in its growth and maturity”, and will give it access to a wider range of capital-raising options which “may be of use in the future”.
It is also intended to diversify the group’s shareholder base and further the Group’s separation from the Steinhoff group and “improve the ability of the Group to recruit, retain and incentivise its key management and colleagues, and create a liquid market in the shares for existing and future shareholders”.
CEO Andy Bond said: “Today’s announcement of our intention to float on the Warsaw Stock Exchange marks an important milestone for the Group. We are strongly positioned to deliver significant long-term growth, given our market leading customer proposition in the most attractive sector of retail, the scale of opportunity ahead of us as we expand across the entirety of Europe and the investment in strengthening the infrastructure of the business over recent years.
“We have a track record of delivering consistent, market-leading sales and profit growth over the past three years, the foundation for which is a relentless focus on how we provide our customers with the lowest prices on their regular shopping needs across apparel, homewares-led general merchandise and fast-moving consumer goods (FMCG) week in week out.”
Bond added that Pepco has “consistently” opened more than 300 stores and entered one new territory per year and following its “successful” launch in Italy and Serbia and its scheduled opening in Spain later this Spring, will now target the whole of Europe for “leading to even greater growth and scale.”
He concluded: “Today is a proud moment for all of our colleagues across the business and I thank them for their passion for our brands, hard work and dedication. Our proposed listing in Warsaw – home to our PEPCO brand since 2004 and the largest operating territory in the Group, is a natural step and I look forward to delivering further on our successful growth strategy.”