Virgin lowers share expectations
Virgin Money will be valued at £1.25bn-£1.45bn when floating on the London Stock Exchange later this month, lower than previous expectations of £1.5bn-£2bn.
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The bank has set a price range of between 283 pence and 333 pence a share, and is hoping to raise £150m.
Earlier this week, Virgin confirmed its plans to float. The bank had originally planned to float in October, but this was delayed due to a slump in the global markets which forced fellow challenger bank Aldermore to withdraw from its own flotation plans.
Jayne-Anne Gadhia, chief executive officer, said on Tuesday:
"Our business performance remains strong and on Friday we published our Q3 trading update which demonstrates our continued growth momentum."
"We welcome the clarity provided by the Financial Policy Committee on the leverage ratio, and are pleased to note that we operate in excess of the recommended requirements.
"Given this and given more stable market conditions, we now plan to move forward with our IPO with the aim of being admitted by the end of November. Access to the public capital markets has been a long-term strategic objective for Virgin Money and we are now ready to take this important step forward for our business."
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