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Bloomberg
Steinhoff International Holdings is looking to raise as much as 4.6 billion zloty ($1.2 billion) by listing its European discount retail arm Pepco Group in Poland, capitalising 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, which won’t receive any proceeds from the offering, also struck agreements with lenders for 550 million-euros ($659.9 million) of new term loans and a 190 million-euro revolving credit facility.
Shares will be marketed at 38 zloty to 46 zloty apiece. The deal will be priced on May 14, with the new stock set to start trading in Warsaw on or about May 26. The listing values Pepco at as much as 26.4 billion zloty.