B&M European Value Retail, a discount retailer backed by US private equity firm Clayton Dubilier & Rice, on Thursday said it plans to raise £75 million ($126.5 million) in an initial public offering on the main market of the London Stock Exchange.

The company, which trades as B&M in the UK and under the Jawoll and Hafu fascias in Germany, said it will use the money to reduce net debt and for general corporate purposes.