Aldermore pulls £800m from LSE
The challenger bank have today announced their decision not to continue with the initial public offering of Aldermore.
The company, owned by the private equity group AnaCap, was expected to have begun trading by the end of the week.
Instead, Aldermore have pulled its £800m flotation after recent drops in investor confidence meant it was unable to sell enough shares.In a stock exchange announcement the bank's board and major shareholders blamed "the recent deterioration of global equity markets" for the decision.
Aldermore planned to price its IPO at between 217p and 265p a share, but struggled to generate demand at even the low end of that price range.
The bank commented:
"Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform.
"AnaCap, as a long term investor, will continue to support the next phase of its development."
The bank had hoped to raise £75m in new capital through the share listing, which it hoped would value the company at £800m.
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