June 6, 2014 / 12:50 PM / 3 years ago

British roadside assistance firm AA to list on London Stock Exchange

June 6 (Reuters) - 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 investors.

AA’s flotation comes just weeks after its sister company, Saga, owned by private equity firms Permira, Charterhouse and CVC, listed on the London Stock Exchange. ($1 = 0.5956 British Pounds) (Reporting by Esha Vaish and Tasim Zahid in Bangalore; Editing by Simon Jennings)

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