AA Drops in First Day of Trading After $2.4 Billion IPO
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AA Plc, the U.K. roadside-assistance provider and auto insurer, fell on its first day of trading after a 1.4 billion-pound ($2.4 billion) initial public offering that resulted in the exit of its private-equity owners.
AA, which was owned by Charterhouse Capital Partners LLP, CVC Capital Partners Ltd. and Permira Advisers LLP, sold 554 million shares at 250 pence apiece, according to a statement today. The stock closed 7.2 percent lower at 232 pence in London.