Douw Steyn, the South African businessman behind the company who owns comparison website comparethemarket.com, is poised to list his business on the London stock market despite huge volatility of markets since the EU referendum.
BGL, which is owned by South African insurance conglomerate BHL, has also recruited two non-executive directors to bolster its board.
The Telegraph reports:
BGL, which owns the consumer website known for its “Compare the meerkat” television adverts, is to hold a beauty parade for investment banks to lead the float, expected as early as the first quarter of next year.
The Telegraph understands that Rothschild, which has been advising BGL and its shareholders, has asked banks to pitch for the lead role of global co-ordinator.
This move is the first major flotation proposed since the Brexit shock. A final decision on listing will not be made until later in the year, but the Telegraph believes that the appointment of non-execs and the so-called “beauty parade” are strong sings that the company is readying itself for public markets.
Source: The South African