Retailer Debenhams is planning bourse relisting |
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Thu, 19 Jan 2006 20:00
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LONDON: Department store chain Debenhams is planning a relisting on the stock market and is understood to be in discussions with investment bankers to complete the formalities.
Sources close to the group said it has sought proposals for a float from Morgan Stanley, Merrill Lynch, Citigroup and Credit Suisse. The company had backed out of an IPO in May last at the peak of a retail downturn. It is now having a rethink and feels that now is the appropriate time to cash in.
The four investment banks had arranged a 1.9-billion-pound refinancing when it shelved the float plan.
Analysts are of the view that the retailer could get a 3-billion-pound valuation, though its debt levels too are considerably high.
The company refused to comment on the reports. It had stated in November last that it had no definitive plans for relisting.
Debenhams' owners, private equity consortium, the Baroness Retail, comprising CVC Capital Partners, Texas Pacific Group and Merrill Lynch Private Equity, had taken the company private in December 2003. These entities had together invested 600 million in the company's equity, in a deal worth 1.7 billion pounds.
The company, under its chief executive Rob Templeman, had completed a series of successful buy-outs, including Odeon Cinemas, Homebase and Halfords in the past years.
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Debenhams post 123% hike in pre-tax profits for FY 2005 