Simples: Comparethemarket.com owner chooses banks to oversee stock meerkat float
The owner of Comparethemarket.com has appointed two Wall Street banks to oversee its £2bn-plus London flotation plans.
BGL Group is aiming to launch an initial public offering (IPO) in the first quarter of 2017, with JP Morgan and Morgan Stanley now working on the float.
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Comparethemarket, founded in 2006 and known for its meerkat advertisements, will join the likes of Moneysupermarket, Go Compare owner Esure, Confused.com owner Admiral and Zoopla-owned Uswitch on the stock exchange.
BGL, which also owns insurance brands such as Dial Direct and BeagleStreet.com, is owned by two South African families who are likely to sell a minority of its shares in the IPO, Sky News reported.
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The flotation is also expected to include BGL’s loss-making French operation Les Furets.
A number of other banks are understood to have applied for more junior roles on the float.