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Virgin Money to restart IPO

by: Paul Robertson
  • 04/11/2014
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Virgin Money to restart IPO
Virgin Money has confirmed that it plans to apply for entry to the FTSE 100. It expects admission to take place by the end of November 2014.

Jayne-Anne Gadhia, chief executive officer of Virgin Money, said: “Our business performance remains strong and on Friday we published our Q3 trading update which demonstrates our continued growth momentum.

“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 [Initial Public Offering] with the aim of being admitted by the end of November. 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.”

The company said on 17 October it was postponing its initial public offering (IPO). The business had planned to raise around £150m in a float that could value the firm at £1.5bn to £2bn.

It was forced to postpone the listing as markets dropped amid concerns over global growth, along with other companies including used car firm British Car Auctions, bank Aldermore and French energy services firm Spie.

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