June 6 UK motoring firm the AA said on Friday
that it would issue 210 million pounds ($352.61 million) of new
shares in an accelerated initial public offering, valuing the
company at about 1.39 billion pounds.
AA said it would offer up to 554 million new and existing
shares at 250 pence per share.
The company primarily provides roadside assistance for
automobiles that break down.
The company and Acromas Bid Co Limited, which currently owns
100 percent of AA, said they had already received binding
commitments of more than 930 million pounds from cornerstone
AA's flotation comes just weeks after its sister company,
Saga, owned by private equity firms Permira,
Charterhouse and CVC, listed on the London
($1 = 0.5956 British Pounds)
(Reporting by Esha Vaish and Tasim Zahid in Bangalore; Editing
by Simon Jennings)