(Adds details on company and float)
LONDON May 22 UK over-50s insurance firm Saga
has priced its London listing at the bottom of its
original range, two sources familiar with the matter said, the
latest sign of weakness in an increasingly choppy listings
Saga's shares will be priced at 185 pence ($3.12) each, the
sources said on Thursday, the bottom of a range that originally
went up to 245 pence.
A source told Reuters on Wednesday that a price of 185 pence
would give Saga an equity value of 2.03 billion pounds ($3.43
Saga, which is owned by private equity firms Permira
, Charterhouse and CVC, is selling
550 million pounds of new shares in its initial public offering
There is a 15 percent greenshoe for secondary shares,
allowing shareholders to sell down their stakes if demand proves
sufficient, the two sources said.
The company has grown from a travel company in the seaside
town of Folkestone to a pan-service giant offering everything
from a dating service to dieting tips to its base of 2.1 million
Saga was not immediately available for comment.
($1 = 0.5925 British Pounds)
(Reporting by Freya Berry; Editing by Erica Billingham)