RAC Group said to be sounding out investors for London IPO

(Sharecast News) - RAC Group has reportedly begun sounding out investors for a potential initial public offering in London. According to Bloomberg, citing people familiar with the matter, the automotive services firm has been holding early look meetings with fund managers in recent weeks, as it seeks to lay the groundwork for a possible market debut this year.

In February, sources told Bloomberg that a deal could value RAC, which is backed by private equity groups CVC Capital Partners and Silver Lake, at about £5bn.

Sources told Bloomberg on Tuesday that no final decisions have been made and details of the offering including timing could change.

RAC provides breakdown assistance, vehicle repair and motor insurance, among other things.