News

New listing of the company PEPCO GROUP

8

2021-05-26 16:24:40

The company PEPCO GROUP N.V.  was newly listed on the GPW Main Market on 26 May 2021.

PEPCO GROUP N.V. is the 430th company listed on the GPW Main Market and the eighth new listing on the Main Market in 2021.

Key information:


company name 

Pepco Group N.V.

companies on the (regulated) market

 

430

(382 domestic, 48 foreign)

new listings in 2021     

8

market (main/parallel)

main

business sector

TRADE AND SERVICES/RETAIL CHAINS/Everyday goods

companies in the sector

(on the regulated market)

3

seat

registered address: Amsterdam, Netherlands,

principal office: London, United Kingdom of Great Britain and Northern Ireland

Polish/foreign
(other listing markets)

foreign company

The Issuer did not apply for admission to another regulated market or MTF

core business

holding entity which owns and manages a pan-European chain of discount stores offering multiple goods

IPO/ public sale

Public offering:

80,388,350 shares offered for sale 

12,058,252 shares offered in an additional allotment option

92,446,602 total

selling price

PLN 40.00 

reference price 

PLN 40.00

public offering value: 

(PLN)

3,215,534,000 public offering

482,330,080 additional allotment option

3,697,864,080 total

company valuation*

 

PLN 23,000,000,000 

% free float after the offering

17.10%

free float value after the offering*

 

PLN 3,922,124,800 

number of shareholders

approx. 10 thousand

Investment Firm Issuing the Opinion

Powszechna Kasa Oszczędności Bank Polski S.A. 

Oddział – Biuro Maklerskie w Warszawie

Global Coordinators

Goldman Sachs Bank Europe SE, J.P. Morgan A.G.

Legal Advisor (Polish law)

Rymarz, Zdort, Gasiński, Her, Iwaniszyn, Miklas, Uziębło i Wspólnicy sp. k.

Audit Firm

Mazars LLP/Mazars Accountants N.V

*as at the selling price of PLN 40 per share


Core business
Pepco Group owns and manages a pan-European chain of discount stores offering multiple goods under the brands: PEPCO, Dealz, and Poundland, comprised of 3,246 stores in 16 countries (as at 31 March 2021). The Group’s stores offer apparel, general household products, including toys and seasonal products, and fast moving consumer goods (FMCG) at competitive process. The Pepco Group includes PGS, a company responsible for deliveries of goods to the Group’s stores.

The Group addresses the needs of its main target group of price-sensitive families with two business lines in two separate business segments:

  • a segment offering products at diverse prices with a leading share of family apparel (in particular, children’s clothing), household products, toys and seasonal products in stores under the PEPCO brand which are a leading chain in Central and Eastern Europe. The chain included 2,229 stores in 13 CEE countries and in Italy as at 31 March 2021; the first Spanish store opened in April 2021;
  • a price-anchored segment operating stores under the brands Poundland and Dealz. The stores offer fast moving consumer goods (FMCG), general goods, seasonal products, and apparel. Poundland has presence in the United Kingdom of Great Britain and Northern Ireland since 1990 and operated 818 stores in the UK as at 31 March 2021. Dealz was founded in 2011 in Poundland’s international expansion and operated 199 stores in the Republic of Ireland, Spain, and Poland as at 31 March 2021. Poundland’s bigger stores offer fast moving consumer goods (FMCG), apparel, and general goods while Dealz stores and Poundland’s smaller stores offer fast moving consumer goods (FMCG) and general goods.

In the last three financial years ended 30 September 2020, the Pepco Group opened more than 300 stores per year. With the success of Dealz in Poland and Spain, starting in the financial year 2021, the Group aims to open at least 70 Dealz stores per year.

The Issuer’s share capital is EUR 5,750,000 divided into 575,000,000 shares with a nominal value of EUR 0.01 per share (no series identifier).

PUBLIC OFFERING:
The Company issued no new shares in connection with the offering and the admission of shares to trading on the regulated market. The public offering only included the Company’s existing shares.
The public offering sold 92,446,602 existing shares including:

  • 77,888,350 shares to Institutional Investors,
  • 12,058,252 shares to Institutional Investors in an additional allotment option,
  • 2,500,000 shares to Retail Investors (allotted in GPW’s IT system; the reduction rate was 88%; 10,679 investors were allotted at least one share each)

Selling price: PLN 40
Total value of the public offering: PLN 3,697,864,080


Expected shareholder mix after the public offering.


Shareholder

# shares

% of capital=
 % of votes

Pepco Holdco Limited

476 946 880

82.9

Expected free float after the offering

98 053 120

17.10


Selected historical financials of Pepco Group Ltd. (*year ended 30 September)

EUR mn

2018*

 

2019*

 

2020*

2020
(3M: Oct-Dec)

revenue

3,038.1 

3,415.1

3,517.9

1,187.8

net profit

(3.6) 

 210.4 

(0.5)

103.9

equity

570.9 

796.1 

753.7

862.7

liabilities

1,383.9

1,282.6

 2,316.3

2,373.2

total assets

1,954.9

2,078.7

3,069.9

3,235.8

cash – closing balance

184.5 

247.0 

400.2 

547.1

Audit firm which reviewed/audited the financial statements

Consolidated historical financial information for the year ended 30 September 2018 was prepared under the IFRS subject to an independent auditor report prepared by PricewaterhouseCoopers LLP.
Consolidated historical financial information for the years ended 30 September 2020 and 2019 was prepared under the IFRS and audited by Mazars LLP.
Financial information for the three-month period ended 31 December 2020 was reviewed by Mazars LLP.

The prospectus includes the Issuer’s audited financial statements for the period from 17 February 2021 to 31 March 2021. The Issuer carried out no business activity in that period (the report covers a period before the acquisition of Pepco Group Limited through a contribution in kind), which is why the Issuer’s financial data are not included in this presentation.

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