EG Group has confidentially filed plans for a US stock market listing that could value the business at more than $9 billion (£6.84bn), according to a report by the Financial Times.
The UK-founded forecourt and convenience retailer has submitted paperwork to the US Securities and Exchange Commission for an initial public offering (IPO) that could raise around $1bn from investors, the newspaper reported, citing people familiar with the plans. The IPO could launch publicly within the next couple of months.
The move would see EG Group list in New York rather than London, despite the business having been founded in Greater Manchester by brothers Mohsin and Zuber Issa 25 years ago.
The company has grown from a single petrol station in Bury into an international forecourt operator through a series of acquisitions across the UK, Europe and the US. It now employs more than 33,000 people and owns brands including US convenience chain Cumberland Farms.
Private equity firm TDR Capital owns 50 per cent of EG Group, while Mohsin and Zuber Issa each hold 25 per cent stakes. EG Group and TDR Capital declined to comment on the reported listing plans.
EG Group reported revenues of $24.2bn and operating profit of $856m in 2024, according to its latest annual report. The business ended the year with net debt of $5.3bn, although it has been reducing borrowings through asset disposals, including the sale of operations in France and Italy, as it prepares for a potential flotation, the report said.
The company no longer operates petrol stations or convenience stores in the UK after selling the majority of its domestic forecourt estate to Asda, which is also owned by TDR Capital and Mohsin Issa.
In 2024, Zuber Issa exited his stake in Asda and acquired a number of UK petrol stations from EG Group to establish his own forecourt business, EG On The Move, while retaining a seat on EG Group's board after stepping down as co-chief executive.