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 [...]
Challenger bank Aldermore kicks off new wave of stock flotations September 22, 2014 Challenger bank Aldermore wants to raise more than £75m in a stock market flotation, the small business and mortgage specialist announced yesterday. The flood of initial public offerings (IPOs) earlier this year had dried up with the combination of uncertainty over the Scottish referendum and the annual summer slowdown. But after last week’s No vote, [...]
Aldermore boss Phillip Monks says he doesn’t want to pay dividends September 22, 2014 If you go to the big banks’ annual general meetings you can be sure to meet angry investors. They turn up every year to complain that dividends are too low or even non-existent, and the banks’ managers are failing to provide the returns they need on their savings. So Aldermore’s boss Phillip Monks might be [...]
Challenger bank Aldermore announces plans to IPO September 22, 2014 Five-year-old Aldermore Bank has today announced plans to list on the stock market, saying it wants to raise £75m "to support the medium-term growth of the business". The bank, which focuses on lending to small businesses and homeowners, was one of several "challenger banks" launched during the recession when its founders saw a gap in [...]