Virgin Money has delayed its flotation due to market conditions, with admission to the London Stock Exchange now expected later than this month.
On 2 October, the bank announced that it would apply for the admission of its ordinary shares this month, in a move expected to raise gross proceeds of approximately £150m.
However, in a statement published today (17 October), Virgin Money said that while it “continues to progress its plan” for an initial public offering, it now expects admission to occur “later this year”.
Jayne-Anne Gadhia, chief executive at Virgin Money, added: “Virgin Money continues to perform strongly and we remain focused on delivering a successful initial public offering as soon as market conditions allow.”
The delay follows similar news earlier this week that challenger bank Aldermore decided not to proceed with its IPO due to the recent deterioration of global equity markets.
peter.walker@ft.com
