Advent’s DFS targets £585m valuation in IPO

If shares are sold at the mid-price range, it would give DFS a market cap of £585m.

DFS plans to raise £98m through the flotation, which will be used to pay down the company's debt. The offer will comprise between 79–107 million shares, excluding Advent's 15% over-allotment allocation. This represents a free float of between 38–50%.

The IPO follows a recapitalisation of DFS in March 2013, which saw it issue a £310m bond that enabled it to refinance its outstanding 9.75% bond due in 2016.

Advent acquired an 85% stake in DFS from founder Lord Kirkham in a £500m deal in April 2010, beating competition from Cinven and Permira. Lloyds TSB provided a debt package to support the transaction.

Andy Dawson, a partner at Advent, has a seat on the board at DFS.

Jefferies International and UBS are acting as joint global coordinators, joint sponsors and joint bookrunners in the process.

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• Exits
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• Advent International