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Aldermore revises IPO stance; announces flotation

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  • 24/02/2015
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Aldermore revises IPO stance; announces flotation
Challenger bank Aldermore has revived its plans to list shares on the London Stock Exchange, after it abandoned initial flotation plans in October last year.

Announcing the plans on Tuesday, CEO Phillip Monks said it was the “right time” for the bank to seek an initial public offering (IPO) after underlying profit more than doubled in 2014 to £56m.

Last week Aldermore said it had no imminent plans to float on the Stock Exchange, explaining that it would return when the time was right for the bank.

The bank hopes to raise gross proceeds of around £75m from the offer which it said will be used to support the medium term growth of the business.

“As our strong performance in 2014 highlights, we have consistently delivered on our ambitious targets and we have proven our ability to grow organically and profitably,” Monks said.

“The combination of a modern, digital, legacy-free platform and award winning expertise in otherwise underserved market segments enable Aldermore to offer banking services the way they should be.

“This means attractive and straight-forward products combined with transparent and efficient service to meet each of our customers’ needs and deliver them appropriate financial solutions. We will look to offer our shareholders strong risk-adjusted returns underpinned by a modern and scalable operating platform.”

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