Travel and insurance specialist Saga is being prepared for listing as soon as in the first quarter of next year.
Private equity owners Permira, CVC Capital and Charterhouse have started a consultation to appoint financial advisers for the IPO, the Financial Times reported, citing people with knowledge of the matter.
The flotation would mark a break-up of Acromas, formed six years ago when the private equity houses decided to merge Saga and road assistance specialist AA in a £6.2 billion deal.
The group reported earnings before interest, taxes, depreciation and amortisation of £621 million for the 12 months ended January 2013, up from about £550 million in 2009, according to filings to Companies House.
It generated sales of £2.25 billion last year, and has about £4.6 billion of debt, according to the FT report.