London Stock Exchange welcomes DFS Furniture plc to Main Market
London Stock Exchange today welcomed DFS Furniture plc, the leading retailer of upholstered furniture in the United Kingdom, to the Main Market.
DFS was founded in 1969 by Lord Kirkham, the former Chairman, with a single store near Doncaster, trading as Northern Upholstery. DFS has since established itself as the leading retailer of upholstered furniture in the UK, with 105 stores throughout the UK, the Republic of Ireland and the Netherlands. According to Verdict, DFS had a 25.7% share of the estimated c.£3 billion upholstered furniture market in 2014.
The Company issued 80.9 million Ordinary Shares, at an Offer Price of £2.55 per Ordinary Share, with a market capitalisation of £543.2 million. This equates to an Offer Size of £206.4 million, representing 38% of DFS's share capital on Admission, excluding the Over-allotment Option. Immediately following Admission, the issued share capital of DFS will be 213 million Shares.
UBS and Jefferies are both acting as Joint Sponsor, Joint Global Co-ordinator, Joint Bookrunner and Underwriter, whilst Numis Securities is acting as Joint Bookrunner and Underwriter. Berenberg and HSBC have been appointed Co-Lead Manager and Underwriter.
Commenting on today's announcement, Ian Filby, Chief Executive Officer of DFS said:
"We are delighted by the positive response to the offering and would like to welcome all our new shareholders to DFS. We look forward to further building on our excellent track record of sales, market share growth and cash generation, as both a public company and the UK's leading retailer of upholstered furniture.”