Pets At Home plans London flotation

<p>Pets At Home has been valued at £275 million.</p>

Pets At Home has confirmed it is planning a £275 million initial public offering (IPO) this year.

The company will be valued at £1.2 billion when it launches on the London Stock Exchange.

Pets At Home, which has 369 stores and 246 surgeries, is aiming to reduce its debt, as well as aid expansion plans, reports BBC News.

Nick Wood, the company's chief executive, said: "This is a very exciting time for Pets at Home as we look to drive our expansion programme in the UK to over 500 stores, more than 700 veterinary practices and in excess of 300 groom rooms in the medium term."

Pets at Home also confirmed that its like-for-like revenues grew by 2.4 per cent, while its underlying earnings were up by 11.1 per cent to £87 million in the 40-week period to January 2nd.

Earlier this week, Poundland confirmed it is planning an IPO in London, with stocks in the budget retail chain to go on sale later in the year.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.