British discount retailer Poundland priced its IPO at £3 ($5.01) per share and went public, offering 125 million shares on the London Stock Exchange under the symbol PLND. Based on the offer price, Poundland's market capitalization was £750 million ($1.25 billion). Shares closed at £3.88 ($6.48) on their first day of trading on Thursday.
Poundland shareholder Warburg Pincus, which reduced its stake in the offering to 37.9%, is said to have made about 4.5x on its investment. The company, which operates a network of over 500 general merchandise, single-price stores in the U.K. and Ireland, was acquired for £200 million ($334 million) in 2010 by Warburg Pincus from Advent International.