View more on these topics

Aldermore eyes £800m stockmarket debut

Aldermore Bank is to float on 17 October with the company targeting a valuation of around £800m.

The challenger bank has set a target share price range between 217p and 265p per share for the listing and hopes to raise around £75m in capital from the launch.

Aldermore has around £4bn in loans outstanding, and reported pre-tax profits of £18.6m for the half-year to 30 June, up from £5.3m a year earlier.

Announcing the plans last month, Aldermore chief executive Phillip Monks said: “Now in our sixth year of growth, becoming a public company is the natural next step in Aldermore’s evolution and positions us for the next stage of our development through greater access to the capital markets and enhanced profile for our brand.”

Investment banks Credit Suisse and Deutsche Bank are co-ordinating the deal with Lazard acting as chief financial adviser.

Aldermore is the latest in a string of UK lenders to launch, or announce plans to float on the stock market. Virgin Money confirmed its flotation plans yesterday, and is seeking to raise £150m through the offering of at least 25 per cent of its shares.

Other lender floations include Lloyds Banking Group offshoot TSB and OneSavingsBank.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com