Insurance firm Saga plans London listing

Over-50s company Saga is reportedly planning to list its shares on the London Stock Exchange.

The family-run firm, which deals predominantly in holidays and insurance, has an estimated value of in excess of £1 billion.

Chairman of the Kent-based company, Roger De Haan, recently announced his retirement.

In addition to the proposed initial public offering, Saga is also believed to have given five private equity bidders until September 24th to submit second-round bids.

Investment bank UBS is sole global coordinator and sponsor for the proposed share offer, and Credit Suisse Group and Citigroup are co-lead managers.

"We are very pleased with the level of interest shown by customers and other members of the public in registering their interest in participating in the possible IPO," Andrew Goodsell, Saga's chief executive officer, told the BBC.

"Looking forward, I believe that Saga is well positioned to benefit from a demographic shift, which expects to see its target market increase by five million people over the next 20 years."
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