Just Retirement, which sells annuities to pensioners, today set out plans to raise some £300 million in a float on the London Stock Exchange.
The firm, the UK’s largest provider of annuities, which turn pension funds into income, joins a rush of firms making public offerings in London this autumn, including its rival, Partnership, Royal Mail, Foxtons estate agent and Stock Spirits. Entertainment giant Merlin and insurer Saga may also float in the coming months.
Just Retirement said the offering would include the sale of shares by its main shareholder Avallux, which is owned by New Look and Hugo Boss-owning private equity giant Permira, and members of its management team.
“This IPO enables us to capitalise on the expected continued strong growth in new business, strengthens our regulatory and economic capital ratios and better positions us to accommodate future regulatory changes,” said Rodney Cook, Just Retirement’s chief executive.
Deutsche Bank and Nomura will run the float, pocketing around £3 million in fees, while Keefe Bruyette & Woods, Espirito Santo and Panmure Gordon are the appointed co-lead managers.
