Saga Plc, which provides insurance and holidays to Britain’s over-50s, will sell shares in an initial public offering as its private equity owners cut their stakes.

The company expects to raise about 550 million pounds ($924 million) in the sale in London, Saga said in a statement today. Charterhouse Capital Partners LLP, CVC Capital Partners Ltd and Permira Advisers LLP, which have owned Saga since 2007, will also reduce their stakes, the firm said.

The three are selling amid a rush of IPOs in Europe as economic growth and equity markets rebound. Companies including Royal Mail Plc and Pets at Home Group Plc raised $18.9 billion in IPOs so far this year, almost three times as much as the $6.6 billion raised in the same period a year earlier, according to data compiled by Bloomberg.

Saga had underlying earnings before interest, depreciation, tax and amortization of 222.4 million pounds on revenue of 1.2 billion pounds in the 12 months through Jan. 31, the company said.

Citigroup Inc., Bank of America Corp., Credit Suisse Group AG, Goldman Sachs Group Inc., JP Morgan Cazenove and UBS AG are managing the offering, along with Investec Bank Plc and Mizuho International Plc, Saga said.

To contact the reporter on this story: Kiel Porter in London at [email protected] To contact the editors responsible for this story: Edward Evans at [email protected] Mark Bentley.

Photo Credit: Senior citizens walk through downtown Northville in Michigan. Michigan Municipal League / Flickr