EG Group, the gas station and convenience store operator, has confidentially filed for a US IPO targeting $1 billion, sources confirmed. Backed by TDR Capital, the firm is reportedly seeking a $9 billion valuation, with a potential listing as early as July. No final decisions on size or timing have been made, though deliberations continue. The move highlights a broader trend of UK firms opting for US markets over struggling domestic exchanges.

The Bolton, England-based company—founded in 2001 by billionaire brothers Mohsin and Zuber Issa—was acquired by TDR in 2021. TDR later partnered with the Issas to buy Asda, the UK supermarket chain, in a £2.27 billion ($3 billion) deal. Zuber Issa sold his Asda stake to TDR in 2023. These transactions underscore EG Group’s strategic pivot toward US expansion amid shifting investor preferences.

The UK stock market’s struggles have accelerated the exodus, with firms like CRH Plc and Flutter Entertainment Plc relocating listings to New York. This IPO bid signals investor confidence in EG Group’s US-focused growth, potentially reshaping the energy retail sector. However, regulatory hurdles and market volatility remain risks.

EG Group’s US IPO filing reflects a strategic realignment, prioritizing American capital markets over UK stagnation. With TDR Capital’s backing and a $9 billion valuation target, the move could redefine the retail fuel industry—if finalized.