UK’s Auto Trader confirms 2 billion pounds IPO plans: FT

(Reuters) – UK’s online car marketplace operator Auto Trader Group confirmed its plans of an initial public offering, the Financial Times reported.

The company expects a market capitalization of 2 to 2.5 billion stg, the newspaper said.

Auto Trader said in February that it expects to float on the London stock exchange in March.

Auto Trader, which is owned by Apax Partners, said the proceeds of the IPO will be used to repay the company’s existing debt.