EG Group has confidentially submitted paperwork to the US Securities and Exchange Commission (SEC) for a share sale that could raise roughly $1bn and value the business at more than $9bn, the Financial Times (FT) reported.

Sources told the publication that the convenience retailer has filed privately with the regulator, with a public launch of the initial public offering (IPO) expected in the coming months.

The company has chosen New York for the listing instead of London, although it was established in the UK.

The planned IPO is the latest move by EG Group to improve its balance sheet following its deleveraging programme.

EG Group owns brands, including Cumberland Farms in the US and employs more than 33,000 people.

London-based private equity company TDR Capital holds a 50% stake in the company while founders Mohsin Issa and Zuber Issa each own 25% stake.

Its latest annual report, as cited in the FT report, showed revenue of $24.2bn and operating profit of $856mn for 2024.

The company also reported net debt of $5.3bn.

Over the past year, it has cut leverage through disposals in France and Italy as it moves towards a possible market debut.

EG Group no longer operates convenience stores in the UK after selling most of its convenience store operations to Asda, the supermarket group owned by TDR Capital and Mohsin Issa.

In 2024, Zuber Issa sold his interest in Asda and acquired several UK convenience stores from EG Group to create his own business, EG On The Move.

He remained on the EG Group board after stepping down as co-chief executive.

He previously told the FT that he would rather see the company cut debt by selling its US operations than by floating the whole group.