Permira's Just Retirement valued at £1.1bn in IPO

As predicted by media reports prior to the flotation, Just Retirement was priced at the midpoint of the offer range, representing around 13 times its forecast 2014 operating earnings.

The offer comprised 152,534,950 shares, excluding over-allotment arrangements, representing 30.5% of the company's issued ordinary share capital.

The company and its selling shareholders – including Permira via the Avallux holding – made £394.7m in gross proceeds from the IPO. Avallux still holds approximately 62.4% of the business and is subject to a 180-day lock-up period.

Large PE-backed IPOs have been popular in the past few days: Blackstone- and CVC-backed Merlin Entertainments listed on the London Stock Exchange on Friday 8 November, with shares priced at £3.15 apiece, valuing the business at £3.2bn. Share price also increased by more than 10% on the first day of trading. That same day, Cinven- and Carlyle-backed Numericable made its debut on the NYSE Euronext Paris with a €3bn market cap.

Previous funding
The IPO marks a return to public life for Just retirement, as Permira delisted the company for £228m in November 2009.

Prior to its all-equity acquisition by Permira in 2009, the company had been listed on AIM by former private equity backers Langholm Capital. Langholm listed the retirement services group in December 2006, and it initially reached a market capitalisation of £581m.

Company
Established in 2004, Just Retirement provides financial services for retired people. The company received support from Langholm in its earliest days, securing £24.5m of investment from the private equity house in a deal worth a total of £60m.

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• Topics
• Exits
• UK / Ireland
• Financials
• Permira
• IPO
• Partial sale