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Aldermore Bank revisits flotation plans

Aldermore Bank is revisiting plans to float its shares on the stock market, The Sunday Times reports.

The lender had initially announced last September its plans to launch an IPO on the London Stock Exchange, but shelved the idea just a month later after a period of declining global equity markets.

An initial price of between 217p and 265p per share had been targeted for the initial launch, valuing the bank at around £870m.

However, the report suggests Aldermore will have to seek a lower price per share this time around to attract investment, despite markets having stabilised.

The lender has around £4.4bn in loans outstanding, and most recently reported pre-tax profits of £18.6m for the half-year to 30 June 2014, up from £5.3m a year earlier.

Aldermore refused to comment on the IPO plans.

Virgin Money also scrapped plans for a share float in October, but eventually launched its shares on the LSE in November.

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