LONDON, June 23 UK motoring firm AA Group said
on Monday it had completed an initial public offering (IPO) to
raise gross proceeds of 1.4 billion pounds ($2.4 billion).
The offering, priced at 250 pence per share, was
oversubscribed and its owners, private equity firms Permira
, Charterhouse and CVC, have agreed
to sell their entire 100 percent stake in the company, AA said
in a statement.
Best known for its roadside recovery services, AA received
commitments of over 930 million pounds from institutional
"cornerstone" investors including Aviva, BlackRock Inc.
and Legal & General, it said.
AA shares will start conditional trading on Monday.
($1 = 0.5876 British Pounds)
(Reporting by Clare Hutchison; editing by Jason Neely)