February 23, 2015 / 7:39 AM / 5 years ago

Furniture store DFS sets price range for London listing

LONDON (Reuters) - DFS Furniture Holdings [DFSFH.UL] has set the price range for its initial public offering at 245-310 pence per share, which would value the company at 585 million pounds ($899.55 million) at the middle of the price range.

The company said in a statement it expected to raise 98 million pounds 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 percent share of the 3 billion pound market in 2014.

It posted revenues of 674.6 million pounds for the 12 months to Nov 1 and adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 85.2 million pounds, at a margin of 12.6 percent.

“Our vision is to take DFS from being a great British business to a world class business,” CEO Ian Filby said in the statement.

($1 = 0.6503 pounds)

Reporting by Carolyn Cohn; editing by Matt Scuffham

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