Travis Perkins PLC (LON:TPK) said it applied for Wickes to join the main market of the London Stock Exchange.
The retailer resumed the demerger of its DIY arm earlier this month after it had been put on hold for nearly a year due to Coronavirus (COVID-19), so it could focus on managing the wider group and its cash position.
A further announcement will be made once the circular and the prospectus have been approved for publication by the Financial Conduct Authority, which is expected later on Wednesday.
The firm has appointed three independent non-executive directors, Mark Clare, Sonita Alleyne and Michael Iddon, to the board of Wickes in addition to chairman Christopher Rogers.
In 2020, Wickes recorded revenue of £1.3bn, with 5% like-for-like growth, and adjusted operating profit of £82mln.
Digital customers almost doubled and click-and-collect orders were up 450% for the year, whilst home-delivered sales rocketed 120%.
Performance was driven by the core business of trade and DIY but was offset by restrictions on showroom openings in the ‘do-it-for-me’ category.
These trends have continued into the current financial year, with costs also remaining high because of COVID-19 safety measures.
Although the economic outlook and trading environment remain uncertain, Wickes expects to deliver sales growth ahead of its markets for the full year.
Growth in trade and DIY is expected to moderate against tougher comparatives while do-it-for-me sales are estimated to benefit from pent-up demand.
"This process further tidies up the Travis Perkins' portfolio, although the sale of the Plumbing and Heating business remains up in the air," analysts at Peel Hunt said.
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