A stock market announcement this morning said:
“Due to the recent deterioration of global equity markets, Aldermore’s board and shareholders have elected not to proceed at this time with the initial public offering of Aldermore.
“Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform. AnaCap, as a long term investor, will continue to support the next phase of its development.”
The private equity-backed lender was scheduled to announce the pricing of its flotation this coming Friday.
According to The Times, AnaCap, the private equity firm with a more than 50% stake in Aldermore, is understood to have pulled the plug on the deal after refusing to take a cut in the 216p to 265p price range, which at the top would have valued the lender at £875m.
The stock market has fallen in recent weeks with the FTSE 100 losing more than 7% of its value since Aldermore announced its intention to float last month.
Aldermore was founded in 2009 breaking even after three years of trading.
