Saga Group, a provider of holidays, health care and insurance to people over age 50, has tapped into the latest UK craze: listing on the London Stock Exchange.

The group said Wednesday it plans to raise £550 million ($925.5 million) in an initial public offering of at least 25% of its shares, valuing the company at £2.2 billion. The proceeds from the float will be used to reduce net debt, the company said.