Aldermore Group’s board and shareholders have decided not to proceed with an initial public offering of the business due to the recent deterioration of global equity markets.
Challenger retail bank Aldermore announced its intention to proceed with an IPO on the 22 September this year, following the proposed re-registration of AC Acquisitions Limited as a public company and its change of name to Aldermore Group.
The firm had intended to apply for admission of the ordinary shares to the listing segment of the Official List of the Financial Conduct Authority and to trade on the main market for listed securities of the London Stock Exchange.
At the time, Aldermore said the offer would comprise of new and existing shares to institutional investors and on 3 October the firm announced the price range offer which was set at between 217p and 265p per share.
At that time, it said the base deal size of £300m included a £75m primary capital increase with the balance comprising secondary shares.
Long term investor AnaCap will continue to support the next phase of the businesses development.
The firm said that it continues to perform strongly, with “excellent organic loan growth and a proven track record of delivery through its platform”.
ruth.gillbe@ft.com
