British discount retailer B&M is to be valued at up to £2.9 billion in its London share flotation, making it one of the biggest UK retail listings of the year.

The chain, which sells everything from hanging flower baskets to televisions and breakfast cereals, has set its price range for its initial public offering at 230-290 pence a share, according to two sources. The price range gives B&M, which has been owned by US private equity firm Clayton Dubilier & Rice since 2012, a market value of between £2.3 and £2.9 billion, the sources said.

The listing will test what appetite remains for new share offerings by UK retail companies. A string of firms from Poundland to Pets at Home have floated this year, but niche clothing chain Fat Face last week pulled its £110 million offer, citing market conditions. – (Reuters)