The private equity backers of AA Group have fully exited the breakdown service via its IPO on the London Stock Exchange.
AA Group priced the IPO at 250 pence per share and received gross proceeds of nearly £1.4bn after selling 550m shares. However, its share price has since dropped in conditional trading to 234.75 pence.
Around £930m was invested by cornerstone investors such as Aviva, Blackrock, CRMC, GLG Partners, Henderson Global, Henderson Volantis, Invesco, L&G and Lansdowne Partners.
The company said that its previous shareholders including private equity firms Permira, CVC and Charterhouse fully exited their stakes.
Earlier this year AA’s holding company Acromas Holdings said that the company had landed multiple takeover offers from suitors including Cenkos Securities.
The investment bank was looking to secure support from institutional investors including BlackRock, Aviva and JP Morgan to buy stake in AA via an IPO.
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