Steinhoff International Holdings NV is close to appointing a new slate of investment banks to help prepare for an IPO of subsidiary Pepco Group, Sky News reported Jan. 7, without disclosing where it obtained the information.

Steinhoff considered an IPO for Pepco in August 2019 to raise funds for its now-completed debt restructuring plan. The company tapped Goldman Sachs and JPMorgan to work on the proposed IPO last autumn, the report said.

The South Africa-based retail group is reportedly planning a dual listing in London and Warsaw but a source told the news outlet that this hasn't been decided yet. The listing could value Pepco Group at about £3.4 billion, according to the report.

Steinhoff is also considering an outright sale of the business, Sky News said.

Pepco Group trades under the Pepco brand in eastern European countries such as Poland, Croatia, Estonia and Latvia, and as Poundland in the U.K. The business was formerly named Pepkor Europe Ltd. and rebranded to Pepco Group in September 2019.

Steinhoff did not immediately respond to S&P Global Market Intelligence's request for comment.