Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have won mandates on British discount retailer Poundland's proposed initial public offering (IPO).

Poundland, which operates more than 500 stores in the UK and Ireland, is 76% owned by US-based private equity firm Warburg Pincus.

The company, which did not say how much it hopes to raise from the March listing, expects to have a free float of at least 25% of the issued share capital when the offer completes.

Freshfields is advising Poundland and longstanding client Warburg Pincus, with a team led by corporate partner Adrian Maguire, who holds the relationship with the private equity firm, and capital markets partner Mark Austin.

They are flanked by City-based head of US corporate Sarah Murphy, employment partner Simon Evans, tax partner Helen Lethaby and finance partner Sean Pierce.

A&O is acting for the underwriters, Credit Suisse and JP Morgan Cazenove.

George Green is representing Poundland's management with a team led by head of corporate Guy Green. Rothschild is acting for the group as its financial adviser.

The magic circle firm's team is being led by London equity capital markets partner Mark Dighero, who was flanked by US-qualified corporate finance partner Adam Wells.

Poundland's revenue grew from £641.5m in 2010-11 to £880.5m in the 2012-13 financial year.

Warburg Pincus frequently turns to Cleary Gottlieb Steen & Hamilton for advice on its transactional work, particularly in the US. In the UK, the private equity firm has also enjoyed strong links with Clifford Chance.