Aldermore pulls IPO citing "deteriorating global markets"

Catherine Neilan
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London Stock Exchange: Challenger bank Aldermore has pulled its London IPO (Source: Getty).
Challenger bank Aldermore has pulled its IPO, citing “the recent deterioration of global equity markets”.
The flotation, which would have valued the company at £800m, had been hit by choppy and volatile markets, combined with a poor investor climate, with many institutional shareholders saying their appetite had been sated by the huge number of issues during the first half of the year.
A market announcement this morning confirmed the London listing, which had been expected to raise £75m in new money, was off.
The board said: “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."
Aldermore is one of several companies to have rowed back on plans to go public this year.
Several retailers have been among those to cancel their IPO, including Fat Face and BlueInc.

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