Vehicle remarketer British Car Auctions (BCA) is reportedly preparing a listing on the London stock market for the coming autumn.
According to the Sunday Telegraph, New York-based private equity firm Clayton Dubilier & Rice (CD&R), who acquired BCA for around £450m in 2010, is close to appointing six banks, said to include UBS, HSBC and Numis Securities, for an IPO.
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If it performs according to expectations, the flotation would prove the third successful London listing this year for CD&R, whose shares in B&M Retail and Exova Group raised £1.1bn and £220m respectively earlier in 2014.
BCA remains the largest car auction market in Europe, enabling the sale of 12,000 vehicles each week. With annual sales totalling around 1m vehicles across 13 countries, the Sunday Telegraph estimated the company could be worth up to £1.2bn.
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