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OSLO, June 8 (Reuters) - Norwegian retailer Europris plans to raise 850 million crowns ($107 million) in an initial public offering, valuing the firm at between 7.22 billion to 8.70 billion Norwegian crowns, the company said on Monday.
The chain of 223 non-grocery discount stores, whose products range from home appliances to garden furniture and beyond, grew its sales by 15 percent year-on-year in the first quarter and will continue to expand, Chief Executive Paal Wibe told Reuters.
"In a Norwegian context we are unique. We've had steady growth over a long period of time, independent of fluctuations in the economy. I think the combination of low risk and high growth is very appealing," he said.
"Right now the growth possibilities in Norway are more than enough for us so as of today we have no plans to expand abroad."
Europris will sell between 16 million and 19.8 million new shares at 43-53 crowns each, while top owner Nordic Capital and some other shareholders will sell between 40.3 million and 65.2 million shares.
"This is a natural step forward for us. We are ripe for the stock market now," Wibe said. "The listing will give us higher visibility and easier access to financing and the response we've had from investors has so far been very good."
In terms of its business model, Europris says it believes Britain's B&M to be its closest European peer. B&M's shares have risen by 25 percent rise since its IPO 12 months ago.
ABG Sundal Collier Norge ASA and Goldman Sachs International are acting as joint global coordinators and joint bookrunners, SEB and Merrill Lynch International are joint bookrunners, while Moelis & Company advices Europris and Nordic Capital.
The firm plans to list on the Oslo bourse on June 19. ($1 = 7.9505 Norwegian crowns) (Reporting by Joachim Dsagenborg, writing by Terje Solsvik)