Home > General > KKR’s Dollar General files for $750 million IPO

KKR’s Dollar General files for $750 million IPO

Discount retailer Dollar General Corp, backed by powerful private equity firm Kohlberg Kravis Roberts & Co, filed for an initial public offering of up to $750 million on Thursday, according to a regulatory filing.

It could be one of the largest IPOs of the year and among the biggest exits through a public stock offering by a private equity firm since the credit crunch sapped investor appetite for new offerings. The IPO market has been improving since the spring, as stock markets have rallied. So far this year there have been 17 IPOs of companies, raising $4 billion.

The lead bookrunners on the Dollar General offering will be Citi, Goldman Sachs & Co, Bank of America Merrill Lynch, JPMorgan, as well as KKR itself. Dollar General said it expected to pay a special dividend of $200 million to existing investors prior to the offering. That would include KKR, the pension and endowment funds that invested in KKR’s funds, and others that invested in Dollar General when KKR struck the $7.3 billion deal to buy the firm in July 2007.

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