London, February 4, 2026, 09:07 GMT — Regular session
- 3i shares dipped 0.25% in early trading, underperforming the stronger FTSE 100
- A filing revealed that Singapore’s GIC surpassed the 5% ownership mark in the company
- Attention shifts to 3i’s exposure to Action and the impact of its share issuance on valuation
Shares of 3i Group slipped in early London trade Wednesday after a filing revealed Singapore’s GIC had surpassed a 5% stake in the private equity firm. By 0853 GMT, the stock was down 0.25% at 3,241 pence, even as the FTSE 100 climbed roughly 0.5%. (Share Prices)
The filing is significant because 3i’s share price is now closely linked to Action, the Dutch discount retailer at the heart of the group’s recent story and valuation. Changes in the shareholder register catch the eye, especially as the company issues new shares to support its transactions involving Action. (The AIC)
The stock dipped 2.52% on Tuesday, finishing at £32.49, trailing the wider market which posted just a modest decline, according to MarketWatch data. (MarketWatch)
The TR-1 filing — the UK document investors submit when crossing major voting-rights limits — revealed GIC Private Limited owns 5.438082% of voting rights, totaling 55,724,001 shares. The report noted the threshold breach occurred on Jan. 30, with the issuer informed on Feb. 2. (London South East)
Last week, 3i announced it struck a deal with GIC to acquire an additional 2.9% stake in Action by issuing 31,353,859 new 3i shares. The transaction, valued at £1 billion, comes with a lock-up period of up to 12 months. The company put the value of its 62.3% holding in Action at £22.382 billion. Action’s like-for-like sales growth—covering stores open for at least a year—clocked in at 4.9% for 2025 and 6.1% in the first four weeks of 2026. CEO Simon Borrows described the group’s progress in the final quarter of the financial year as a “good start.” (3i)
3i reported its diluted net asset value (NAV) at 3,017 pence per share as of Dec. 31 in the latest update. The company also revealed it held £995 million in gross cash, with gearing standing at 1%. (3i)
The company also announced on Tuesday that board member Stephen Daintith will take on the role of non-executive director at Kingfisher starting April 1. (London South East)
But that concentration works both ways. Should Action’s trading momentum slip once more, or if investors grow more skeptical of the valuation assumptions tied to 3i’s stake in Action, the stock could see a swift re-rating. On top of that, a stronger pound would weigh on reported returns from euro-denominated assets.
Investors have their sights set on 3i’s Action Capital Markets Seminar webcast scheduled for March 26, the next key event marked on the company’s calendar. (3i)
