February 28, 2014 / 12:05 PM / in 4 years

REFILE-UK's Poundland sets share offer price range at 250-300 pence-source

LONDON, Feb 28 (Reuters) - British discount retailer Poundland has set its share offer price range at 250-300 pence, giving an implied market capitalisation of 625-750 million pounds ($1.04-$1.25 billion) when its lists on the London Stock Exchange, according to an industry source.

The over 500 store Poundland chain, which sells items for 1 pound, said last month its share offer would comprise a partial sale to institutional investors of the holdings of majority owner Warburg Pincus, a private equity firm, and senior management.

Poundland will not be issuing any new shares to investors in the offer.

Warburg Pincus owns 76 percent of Poundland, with the balance owned by the retailer’s management, led by Chief Executive Jim McCarthy, a 30-year veteran of the retail sector.

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