Steinhoff International Holdings N.V. (JSE:SNH) is close to hiring advisors to support plans for an IPO of Pepco Group Limited, Sky News reported. An IPO is being considered by Steinhoff, which owns Pepco, alongside an outright sale of the business. Steinhoff is expected to appoint a fresh slate of investment banks "in the coming days" to help with listing preparations.

An IPO could value Pepco at £3.4 billion, said Sky News. Steinhoff is understood to be targeting a dual listing of the retail group in London and Warsaw, said Sky News, although a source "close to the process" said no final decision had been made.