Saga confirms £550m IPO plans

 
Harriet Green
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Over 50s travel specialist Saga has confirmed this morning that it’s planning to go ahead and float on the London Stock Exchange.

The firm, which also sells insurance and has 2.1m customers, joins a growing line of other companies going to market.

It’s said it’s looking to raise net proceeds of £550m through its initial public offering to reduce its debt to around £700m.

The float will include a retail offering to UK investors, and will see the exit of its private equity backs Permira, CVC Capital and Charterhouse.

Saga generated £1.2bn in underlying revenue in the year ended in January, with underlying earning before interest, tax, depreciation and amortisation of £222.4m.