Applegreen, a small petrol forecourt retailer, just confirmed in a statement that it is intending to launch an IPO in second half of June this year and is
looking to raise £50 million ($US77 million) when it lists in London.
Don’t be surprised if you haven’t heard of Applegreens — it only has 54 petrol station forecourts in the UK. It does, however, have 96 in Ireland, worth around 12% of the market share. It also has just two sites in Long Island, United States.
If Applegreens does launch its IPO next month, it will be the first Irish retail IPO since the recession in 2008.
Applegreen pledges to offer some of the lowest fuel prices in any given location and buoys up revenue by targetting the “rapidly growing food to go and convenience market.”
It said in its regulatory announcement that it has delivered a compound annual growth rate of 24% in revenue and 19% in EBITDA over the last four years. Revenue reached €937.3 million (£667 million, $US1 billion) by the end of 2014.
It is hoping that the extra cash will allow it to expand across the UK by jumping in at other petrol stations and “upgrading” their forecourts providing premium food and hot beverage offerings.
Applegreen’s forecourts include own food brands, such as aCafé and Bakewell, as well as international brands such as Subway, Costa Coffee, Burger King and more recently Greggs, Chopstix and Lavazza.