Poundland parent Pepco Group rose as much as 10% in its Warsaw trading debut, cashing in on surging demand from budget-minded shoppers during the pandemic. Shares in the discount retailer, which was brought to market by Steinhoff International Holdings, were trading at 43.68 zloty in early trading on Warsaw, up 9.2% from the initial public offering price of 40 zloty a share. Low-priced retailers have thrived over the past year, accelerating a shift toward frugality and discount shopping that began during the financial crisis. Pepco did not raise any money in the IPO, while Steinhoff raked in proceeds of 4.1 billion zloty (around R15 billion) from the share offering to pay down debt. Still, there is no guarantee the discount retailer can replicate its business model in western Europe, said Niedzielewski.

Source: News 24 May 26, 2021 18:11 UTC