Primark owner ABF confirmed it would spin off the £10bn-a-year clothing retailer before the end of 2027 through a dividend demerger, distributing shares to existing ABF shareholders. The company is expected to become a FTSE 100 constituent upon completion. Primark operates 486 stores across 19 markets, with £9.5bn of annual revenue and more than 83,000 employees. According to City AM, George Weston described the move as an "important step in the evolution" of both businesses.
Boots is also preparing for a potential listing that could value it at up to £8bn. Sycamore Partners, which acquired Boots for $10bn last year, has been in talks with advisers in recent weeks, though discussions are at a preliminary stage. The pharmacy chain, founded in Nottingham in 1849, has around 1,800 shops and saw pre-tax profit grow nearly sevenfold to £215m in the year to August 2025. Reuters reported that no final decision has been made on whether to list Boots, and Sycamore might instead sell the company. Waterstones, owned by Elliott Management, is on the cusp of signing up bankers for a £2bn float, with London as the first-choice venue. It has appointed Rothschild to advise and is reportedly seeking a chairman.
If you'd asked me a couple of months ago, actually the answer is still pretty similar now. This is the most constructive we've been on the UK IPO market in some time.
London markets saw a late flurry of IPOs at the end of 2025, ending a two-year drought, but hopes of a revival were torpedoed by the outbreak of war in Iran. Signs the war could be drawing to a close have thawed investor sentiment. According to City AM, Brian Hanratty described the pipeline as the best in several years, though he noted a need for more certainty on outcomes to boost confidence in the near-term IPO outlook.
Actually the pipeline is the best we have seen in a number of years.
We'd like to see a bit more certainty around the outcomes to get more confidence on the near term outlook for IPOs.
important step in the evolution