Irish forecourt retailer Applegreen has announced its intention to float on the stock market.

The company, which operates over 50 sites in the UK, intends to raise approximately £50m in an initial public offering (IPO) in June. It will be the first Irish retail IPO since the recession.

It plans to undertake “significant expansion” in the UK and Ireland on the back of the fundraising.

Applegreen’s proposition is to “offer some of the lowest fuel prices in any given location, driving footfall to its high quality food and beverage, aimed at the rapidly growing food to go and convenience market”. It operates alongside partners including Costa Coffee, Subway, Burger King and Greggs.

The company said its expansion plans were driven by the retreat of the oil majors as they focus on “traditional upstream opportunities”; the fragmentation of the existing petrol forecourt market; and projected economic growth in Ireland in 2015.