Britain's UK insurance giant Saga, which targets the wealthy over-50s, is planning to launch an IPO in London.

Saga said in a statement that it plans to list at least 25% of the company on the London Stock Exchange to raise £550m (€669m, $7.25m) to pay some its debt.

Retail investors will also be able to pay shares and this will contribute to the cutting the Saga's debt to around £700m.

In 2007, private equity firms Permira, Charterhouse, and CVC paid £6.3bn to acquire Saga along with the Automobile Association.

Saga's market is aimed at the over-50s and offers a range of services including cruise holidays and a dating agency.

Retail Applications

Retail investors who apply in the Non-Customer Offer or Intermediaries Offer will be subject to the same allocation policy. Such applicants will not be eligible for free Saga shares in a year's time.

The minimum application amount for all retail investors, other than Eligible Employees, will be £1,000.

You will be able to apply for Saga shares when the share offer opens. There will be three ways in which you can apply in the Customer Offer, Non-Customer Offer and Employee Offer, which are:

  • applying online with payment by debit card. This is only available for applications of £10,000 or less
  • downloading your own application form and returning it by mail with a cheque enclosed to the receiving agent
  • requesting that an application form and summary prospectus are mailed to you. The application form will then need to be returned by mail with a cheque enclosed to the receiving agent

Source: Saga Investor Relations