DFS promises multichannel development as a stockmarket-listed company
DFS chief executive Ian Filby promised to take the sofa retailer from a "great British business to a world-class business" as the company today floated on the London stockmarket.
The company is valued at £543.2m after setting an offer price of 255p.
Filby said the company's strategy now included a firm focus on multichannel development.
"We have a clear strategy to broaden our appeal, enhance our service and make our products more accessible to our customers than ever before through a measured programme of store expansion, continued development of our multichannel proposition and constant enhancement of our product range," he said. "We look forward to further building on our excellent track record of sales, market share growth and cash generation, as the UK's leading retailer of upholstered furniture."
DFS has raised proceeds of £98m through the flotation, which is to be used to cut debt and lower the cost of financing.