Pets at Home valued at £1.22bn

PETS at Home will have a market value of £1.22bn when it floats on the stock market.

This is based on an offer price of 245p which was announced yesterday.

The company is floating 40% of the shares which will raise £280m for the business and £210m for the private equity owner KKR.

Conditional dealings started yesterday but the shares will be traded on the main market from Monday.

Chief executive Nick Wood said: “This announcement marks an important moment for all of us at Pets at Home. We are delighted that our initial public offering has been so well received by colleagues, institutions and retail investors alike, who have recognised that this is a unique and differentiated business with multiple opportunities for future growth.

“Pets at Home has enjoyed strong growth for over a decade and we are now ready to move on to the next stage of our development as a listed business.”