LONDON - Pets at Home on Wednesday became the latest company to join a pack of initial public offerings announced in Europe this week.
The British pet supply retailer, which was acquired by the private equity firm Kohlberg Kravis Roberts in 2010, said it hopes to raise 275 million pounds, or about $459.7 million, through a listing on the London Stock Exchange later this year. The company plans to float 25 percent of its issued share capital.
“The significant investment that has been made over the past few years provides Pets at Home with very strong foundations and positions the company well for the next stage of its development in the public market,†said Tony DeNunzio, the Pets at Home chairman.
The Pets at Home I.P.O. follows announcements earlier this week by King Digital Entertainment, the creator of the popular mobile game Candy Crush; Poundland, a British discount retailer that sells everything for £1 or less; and ISS, the Danish outsourcing company.
King, a game development studio with offices in San Francisco, London and Sweden, plans to list on the New York Stock Exchange, while Poundland will issue its shares in London. ISS plans to list in Copenhagen.
Pets at Home said it plans to use proceeds from the sale and a new debt facility to pay down its debt.
Founded in 1991, the company operates 369 stores in Britain, as well as 246 small animal veterinary surgeries through a joint venture. It also operates 116 in-store grooming rooms. It employs more than 6,000 people.
The company said it expects to increase its footprint in Britain to more than 500 stores, more than 700 veterinary practices and more than 300 grooming rooms in the medium term.
Pets at Home had sales of £598.3 million for its year ending on March 28, 2013. The company said its revenue was 11.7 percent through the 40-week period ending on Jan. 2.
