Aldermore shares leap in first day of trading

Within the first hour, shares in the company had risen by up to 10% to 215.25 pence.

Based on the Offer Price, the lender will be valued at approximately £651 million.

Aldermore expect to raise around £75m in capital from the launch, which will be used to support the medium term growth of the business.

Phillip Monks, Chief Executive Officer, commented:

“This is an exciting moment for Aldermore. The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs and homeowners. It’s also a clear demonstration that the investment community shares our confidence in our ability to continue delivering profitable and sustainable growth for our investors.

“We believe that becoming a listed company will further support our development by allowing us to provide flexible and straightforward products and customer-focused banking services to British SMEs and homeowners.

“I would also like to personally thank all of my colleagues for their hard work and commitment. Something all the team shares is an enormous sense of pride in how we serve our growing number of customers and the achievements we have made so far.  To demonstrate our gratitude, and to ensure all of our team can participate in our future success, I’m delighted to announce that we will be awarding Aldermore shares of up to £1,000 in value to each of our employees.”