IVC Evidensia is reportedly preparing to unveil a London float, as the growing petcare market has continued to bolster the business and attract “booming” investor demand, according to Sky News.
The London float is expected to launch in March, and will reportedly value the group at up to £10bn. It would also mark the group amongst the largest companies to join the London market in 2021.
According to Sky, the valuation has the potential to “easily catapult” IVC Evidensia into the FTSE-100 index and “underlines the boost that the coronavirus pandemic has given to petcare-exposed companies”.
Sky previously reported that the Nestle-backed petcare group hired Goldman Sachs and Jefferies to oversee the potential listing of the business.
While it added that an IPO was not yet “certain”, insiders told Sky that following initial reports, a float is now “highly likely”.
In addition to an IPO, Stockholm-based private equity firm EQT is reportedly assessing other options, including a trade sale of the business or a private stake sale to an external investor.
IVC Evidensia currently employs thousands of vets, and offers a wide range of services, including veterinary clinics, crematoria, animal hospitals and vet pharmacies.
In 2019, it sold a minority stake to Nestle forming a partnership with Purina.
