JC Flowers’ OneSavings to launch IPO

The lending and savings group intends to list on the main market of the London Stock Exchange and, according to reports, is expected to achieve a valuation of £500-600m.

OneSavings serves customers in the UK, Jersey and Guernsey, focusing on specialist lending in selected sub-sectors of the market, including residential mortgages and buy-to-let.

The company has steadily increased its loans and advances since it was rescued by JC Flowers in 2010, with lending totalling £3bn in 2013, a 38% uptick on £2.2bn in 2012. For the year to 31 December 2013, the group recorded pre-tax profit of £31.4m.

The group expects to raise £41.5m through listing 30% of the bank, which will be used to increase its Common Equity Tier 1 ratio, support future growth and to pay costs incurred by the IPO.

JC Flowers invested £50m into OneSavings in July 2010, according to unquote" data, when the company was known as Kent Reliance Building Society. The US private equity house owns 90% of the group and will hold on to a 30-50% stake following the IPO.

Andy Golding is CEO of OneSavings. The process is being run by Barclays as global coordinator, sponsor and joint bookrunner, alongside Canaccord Genuity and RBC Europe as joint bookrunners. Macquarie Capital is acting as co-lead manager and Rothschild as financial adviser to the company.

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• Topics
• Exits
• UK / Ireland
• JC Flowers
• IPO