Aldermore IPO: Challenger bank plans to win round buyers for float November 10, 2014 Challenger bank Aldermore plans to equal or even exceed its previous flotation plans when it comes back to the market to sell shares, its boss told City A.M. yesterday. The lender had to pull its initial public offering (IPO) last month when market conditions suddenly turned against it. But chief executive Phillip Monks said he [...]
Challenger bank Aldermore says IPO will still happen as lending lifts November 10, 2014 Challenger bank Aldermore, which pulled the plug on a planned London Stock Exchange listing last month, has posted promising third quarter results. Aldermore's total lending rose by 10 per cent in the third quarter, taking it to a 30 per cent increase since the beginning of 2014. This helped lift third quarter pre-tax profit [...]
Aldermore IPO flops as market flattens but Virgin Money pushes ahead with flotation plans October 15, 2014 Aldermore's advisers approached investors with a cut-price offer in a last- ditch bid to save the challenger bank’s stock market float, but failed to pick up enough sales, City A.M. understands. The firm pulled its initial public offering (IPO) yesterday, blaming “the recent deterioration of global equity markets”. The bank approached the IPO [...]
Aldermore IPO cancelled: Sadly, we got it right – Editor’s Letter October 15, 2014 After days of fending off suggestions that its £800m flotation was in trouble, the challenger small business bank Aldermore finally succumbed to the inevitable yesterday. The decision to call off the Initial Public Offering (IPO) is a pity for Aldermore and for the market as a whole. London’s IPO market performed tremendously well during the [...]
As the Aldermore flotation falls through, is the IPO market showing signs of collapse? October 15, 2014 John West, equity capital markets editor at Dealreporter, says Yes. Institutional investors started 2014 hungry for European initial public offerings (IPOs) – even at full valuations. Not any more. Yesterday, the VDAX-NEW volatility index hit a two-year high above 26 – well outside the 15-20 sweet spot in which bankers ideally place new stock. IPOs [...]
Aldermore IPO decision shows how little appetite there is from anything but exceptional unlisted companies October 15, 2014 The decision by advisers to Aldermore, the lender to small businesses, to pull its flotation is the most high profile collapse in the new issues market this year, reflecting widespread concerns that there is little appetite left in London market for anything but exceptional unlisted companies who wish to raise new funds. The group, [...]
Aldermore pulls IPO citing “deteriorating global markets” October 15, 2014 Challenger bank Aldermore has pulled its IPO, citing “the recent deterioration of global equity markets”. City A.M. reported the company was on the brink of rowing back on its plans last night. The flotation, which would have valued the company at £800m, had been hit by choppy and volatile markets, combined with a [...]
Aldermore IPO on the brink October 14, 2014 The flotation of Aldermore, the challenger bank focused on small business lending, was on the brink of collapse last night. Aldermore, which is trying to raise funds in the market at the same time as the retail challenger bank Virgin Money, has faced a tough time during its marketing period. Demand has been [...]
Aldermore in US search for funds October 9, 2014 CHALLENGER bank Aldermore, which is trying to raise around £75m in a stock market flotation, is in New York making a last-ditch attempt to raise the funds. Advisers to the bank had hoped to have covered their books in London earlier this week but failed to get enough solid support. The bank has come to [...]
Aldermore IPO to value challenger bank at around £800m October 3, 2014 Aldermore has set a price range for its initial public offering that will value the challenger bank at around £800m. The price for the IPO will be set at between 217p and 265p per ordinary share. Trading is expected to begin as soon as 17 October. The five-year-old bank announced half-year profits of [...]