Partnership set for IPO

The enhanced annuity provider said it would proceed with an initial public offering (IPO) as the market for non-standard annuities continues to grow rapidly. For the year ended 31 December 2012, the group generated operating profit of £112m, a 56% per annum increase since 2010. Partnership expects to get about £105m from the IPO. The company said it would not receive the proceeds from the sale of existing ordinary shares by the selling shareholders as part of the IPO. The principal uses of the net proceeds of the IPO received by Partnership are for the repayment in full of:   ...