Just Retirement gears up for stock float
Wednesday 02 October 2013
Just Retirement looks set to become the latest company to list on the London stockmarket this year after hiring three new advisers to work on its float.
The private equity-backed company, which specialises in giving better pensions to people who are ill, has hired Panmure Gordon, Keefe, Bruyette & Woods and Espirito Santo ahead of its imminent listing.
The City brokers will work alongside investment banks Nomura and Deutsche Bank in the latest example of a tie-up between bulge-bracket advisers and their smaller counterparts.
The initial public offering could be confirmed over the next few weeks and could value the company at about £1 billion. It would provide a tidy return for owner Permira, which bought the company for £230 million in 2009. News of the listing comes months after rival Partnership Assurance became public in June and others are tipped to follow suit before Christmas including Merlin, the Madame Tussauds owner.
It will also be seen as another feather in the cap for the private-equity industry, which has benefited from the recovery in the IPO markets. Separate industry figures today showed buyout firms are also doing more deals with 119 completed across Europe over the past three months, worth €19.7 billion (£16.4 billion), the highest since the end of 2010.
Just Retirement declined to comment.
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