Saga plc, £550m Initial Public Offering, UK
2014
STJ Advisors acted as an independent advisor to the Company and the selling shareholders, Charterhouse, CVC and Permira, on the Initial Public Offering of Saga, the UK’s leading over 50s lifestyle group. The offering raised 100% primary proceeds of £550 million, representing 27% of the company. Despite tough market conditions, indications of waning interest in European company flotations and quoted investor IPO “fatigue”, the IPO experienced strong demand from both institutional and retail investors who were each allocated 50% of the offer. The Saga IPO marks the biggest UK public offer of shares since the Royal Mail privatisation and the Merlin Entertainment IPO. STJ advised Saga, Charterhouse, CVC and Permira throughout the process.
