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He said: Boots has improved dramatically since then but the valuations that were talked about when they were trying to sell a while ago were ridiculous in terms of multiples of revenues or profits. Nick Bubb, an independent retail analyst, said: The Boots business looks eminently floatable, but we will probably have to wait until this time next year to see it attempt an IPO as its new owner, Sycamore, wont complete the takeover of Walgreens until [the last three months of] this year. Walgreens first took a stake in Boots in 2012 and completed a buyout two years later