Profits double at Aldermore ahead of float February 17, 2015 CHALLENGER bank Aldermore reassured potential investors by doubling profits over 2014, in an important declaration of strength after it had to cancel its stock market flotation last year. Pre-tax profits surged to £56m for the year and return on equity climbed to 19 per cent for the second half of 2014. Aldermore’s net loans increased [...]
Aldermore profits double in the run-up to its IPO February 17, 2015 The figures Pre-tax profits at challenger bank almost doubled to £56.3m in 2014, the bank – which is on the brink of listing on the stock exchange – said this morning. You can see why it wants to list: deposits jumped 29 per cent to £4.5bn, while net lending to businesses and home owners up 42 [...]
Aldermore IPO: Challenger bank plans to cut flotation price February 16, 2015 Aldermore is planning to offer shares for a knock-down price to make sure the bank’s stock market debut goes smoothly this time around, City A.M. understands. The challenger bank tried to float last September, but sudden market turmoil spooked investors and forced the lender to cancel the sale. This time around Aldermore hopes that strong [...]
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 [...]