Virgin Money flotation expected by the end of November

Virgin Money has today (4 November) confirmed plans to proceed with its admission of ordinary shares on the London Stock Exchange by the end of this month.

In the middle of last month the bank delayed its flotation due to market conditions, following the announcement at the start of October that it would apply for admission, in a move expected to raise gross proceeds of approximately £150m.

Jayne-Anne Gadhia, chief executive, stated that the move comes on the back of “continued growth momentum” displayed in the bank’s third quarter trading update.

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“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.”

She added: “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.”