Oct. 17 (Bloomberg) -- Just Retirement Holdings Ltd., the U.K. insurer owned by Permira Advisers LLP, plans to start the process for an initial public offering in London as early as today, said two people with knowledge of the sale.
The company will issue shares to raise about 300 million pounds ($478 million) and the European buyout firm Permira plans to sell some of its stake, said the people, who asked not to be named as the details aren’t public.
The insurer would join companies such as central European distiller Stock Spirits Group Ltd. in beginning the IPO process in London this year. Deutsche Bank AG and Nomura Holdings Inc. are leading a group of banks managing the sale, the people said. As of yesterday, IPOs on European exchanges had raised almost $15 billion this year, according to data compiled by Bloomberg, more than twice the amount in the same period a year earlier.
Representatives at Permira and Just Retirement declined to comment, as did officials at Deutsche Bank and Nomura.
--Editors: Julie Alnwick, Elizabeth Wollman