DFS sets price range for £98m London listing

DFS has set the price range for its initial public offering at 245-310 pence per share, which would value the company at £585m at the middle of the price range.

By The Newsroom
Monday, 23rd February 2015, 8:34 am
Ian Filby
Ian Filby

The Doncaster-based company said in a statement it expected to raise £98m through the listing on the London Stock Exchange.

Final pricing is expected on or around March 6, DFS said, with listing on March 11.

DFS said earlier this month it planned to file for an IPO to reduce its indebtedness. Berenberg and HSBC are co-lead managers.

DFS is Britain’s leading retailer of upholstered furniture, with a 25.7 per cent share of the £3bn market in 2014.

It posted revenues of £674.6m for the 12 months to November 1 and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of £85.2m, at a margin of 12.6 per cent.

“Our vision is to take DFS from being a great British business to a world-class business,” chief executive Ian Filby said.