Saga Limited, the leisure to financial services group that serves the over 60s market in the UK, says it has decided to go public and offer £550 million worthy of new shares in an initial public offering on the London market.
Media reports say the offer would value the company at around £3.0 billion
Saga is a major retailer of cruises and its Saga Cruises brand has two ships of its own, the 37,000 gross ton Saga Sapphire and the 18,800 gross ton Saga Pearl II. The company intends to cut debt to £700 million by issuing new equity. It has recently completed a £1.25 billion refinancing programme.
Saga has a database that covers 10.4 million people over the age of 50, almost half of the 22.8 million persons in the UK in that age bracket at the end of last year. About 400,000 new names are added to the database each year. Persons over the age of 50 control 68% of all privately held wealth in the country.