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Aldermore Bank to File for Initial Public Offering in London Stock Exchange


Aldermore Bank said that it intended to pursue an IPO becoming the latest “challenger” bank to Britain’s traditional financial powers in London to seek to list its shares.

Aldermore is based in London, operates online and doesn’t have any branches. Aldermore said that it planned to seek a listing of its holding company on the London Stock Exchange, to be renamed Aldermore Group.

Aldermore will seek to raise gross proceeds of $122 million or75 million pounds and plans to sell around 25 percent of its capital as part of the offering.

Chief executive of Aldermore, Phillip Monks said that now in their sixth year of growth, becoming a public company is the natural next step in Aldermore’s evolution and positions them for the next stage of their development through greater access to the capital markets and enhanced profile for their brand.

The IPO is expected to be closed by October, and would include the sale of new and existing shares to institutional investors.

Aldermore which was founded in 2009 and it is considered to be a challenger to the more traditional lenders that dominate the banking landscape in Britain. It is the latest bank to seek to list in London this year.

Aldermore focuses on lending to small and medium-size businesses and homeowners in areas that it believes have been underserved by larger banks in Britain. It has around 160,000 customers and approximately 800 employees.

AnaCap Financial Partners, the private equity firm which invested in Aldermore in 2009 and certain other shareholders and members of the company’s senior management, are expected to sell shares as part of the I.P.O.

As part of the offering, funds controlled by Lansdowne Partners and Toscafund Asset Management are expected to increase their holdings in the company. Lansdowne and Toscafund own about 8.3 percent of the bank’s capital.

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