Just Retirement begins taking orders for London listing, say sources-Reuters

(Reuters) – British insurer Just Retirement is offering its shares at between 200 pence and 250p each in a planned London listing, two sources close to the deal said on Tuesday.

Private equity-backed Just Retirement, a provider of pensions to unhealthy retirees including heavy smokers, began taking orders for the offering on Tuesday and is expected to complete the sale in the week of Nov. 11, the sources said.

Earlier this month Chief Executive Rodney Cook told Reuters at least 40 percent of the company, which is majority owned by European private equity firm Permira, would be offered to investors.

The sale will comprise an offer of new shares to raise around 300 million pounds ($483.9 million) for the company, while Permira and members of its management team will also be selling some of their stakes.

The price range gives the company an equity value of between 1 and 1.25 billion pounds, one of the sources said.