Boots is eyeing a return to the London Stock Exchange, targeting a 2027 float after Sycamore Partners took Walgreens Boots Alliance private last year and plans. The UK pharmacy chain has delivered steady 6% annual sales growth for five years, positioning revenue near $11.7 billion by the proposed listing. Investors will compare the valuation to supermarket peers and assess debt levels.

Using supermarket multiples—about 12 times forecast operating profit—Boots could command an enterprise value just above $8 billion, higher than the $7 billion WBA considered in 2022 for valuation. A premium may be justified by its online channel, which now contributes roughly 20% of sales, and by a strategic shift toward beauty, a higher‑margin segment that drove 10% retail growth in early 2024.

If Boots can replicate Ulta Beauty’s valuation—about 18 times forward 2026 operating profit—the IPO could reach $13 billion, reflecting the lucrative cosmetics business that now dominates its store footprint. Market appetite will be critical; recent IPO activity from fintechs and retailers hints at renewed investor interest. Ultimately, the float’s size will hinge on how convincingly Boots positions itself beyond a traditional chemist.