According to Financial Times sources familiar with the matter, an initial public offering of the now Bolton-based petrol station operator would look to raise USD1 billion, and could value the company at more than USD9 billion.
These sources added that an IPO (Initial Public Offering) could occur within the next few months.
Details of the confidential filing cannot be independently verified at this stage.
Should EG decide to move ahead with a US listing, it would mark a departure from its roots, as the company started in the UK.
EG is 50%-owned by London-based private equity firm TDR Capital LLP, while founding brothers Mohsin and Zuber Issa each own 25%.
Since its founding in 2001, however, it has branched out into the US, as well as France, Germany, Luxembourg, Belgium and the Netherlands.
In 2025, the company posted “stable” underlying earnings before interest, tax, depreciation and amortisation of USD942 million. Gross profit came in 5% ahead of the previous year at USD899 million.
EG ended 2024 with USD5.32 billion in net debt, reduced from USD5.94 billion a year earlier. Its 2025 financial statements are not yet publicly available, but 2024 revenue totalled USD24.20 billion.
Back in February, EG noted progress in divesting its Cooplands business in Italy and the UK, alongside selling operations in Australia and France.
Chief Executive Russ Colaco said at the time:
“These actions enable us to repay group debt, ensuring our balance sheet provides us with the optionality to invest in inorganic growth opportunities in our key markets. Coupled with recent refinancing actions and positive ratings outcomes, our capital structure is now well-positioned to support the execution of our strategy.”
In an interview with the FT published in August last year, Zuber Issa had indicated that EG would look to sell its US business to cut down on debt, rather than pursuing a listing.