Indivior IPO: Reckitt Benckiser splits off addiction unit November 17, 2014 Addiction treatment firm Indivior is set to join the FTSE100 as parent Reckitt Benckiser yesterday said it would float the business as a separate entity. However, the drug business may not remain listed in London for long – 80 per cent of its revenues come from the US, and its chief executive Shaun Thaxter expects [...]
Virgin Money IPO: Jayne-Anne Gadhia to get £1m bonus, but misses a bigger payout on low valuation November 13, 2014 Virgin Money’s chief executive yesterday received a bonus of almost £1m for successfully floating the business at a valuation of £1.25bn. Jayne-Anne Gadhia was given around one-third of a million shares, amounting to 0.086 per cent of the bank’s stock and valued at just under £1m. But she missed out on a bigger [...]
Virgin Money IPO: Shares priced at 283p valuing bank at £1.25bn November 13, 2014 Shares in Virgin Money will be priced 283p per share when trading begins in earnest on Tuesday, the bank confirmed today. The pricing, which City A.M. exclusively revealed yesterday, values the challenger bank at £1.25bn. Conditional dealing begins this morning, with unconditional dealing and formal admission to the London Stock Exchange expected to take place next [...]
Exclusive: Virgin Money to IPO on Friday, but prices shares at bottom of range November 12, 2014 The long-awaited flotation of Virgin Money will take place on Friday, although it is planning to price its shares right at the bottom of their range, City A.M. understands, . Earlier this month, we revealed the challenger bank will target a share price of 283p-333p when it launches its IPO, valuing it at £1.25bn-£1.45bn. But a source [...]
Mortgage Advice Bureau IPO: Housing boom helps broker’s stock flotation November 11, 2014 The Mortgage Advice Bureau (Mab) defied choppy markets to price its initial public offering (IPO) yesterday. It has achieved healthy growth this year on the back of a strong housing market, and buyers looking for more help on loans as the prospects of an interest rate rise grow. The loan brokerage is set [...]
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 [...]
Exclusive: CMC Markets plans more growth before IPO November 6, 2014 Online trading firm CMC Markets could float this time next year if the group grows as planned, chief executive Peter Cruddas told City A.M. yesterday. “I expect we can triple in size in the next five to seven years. I would be disappointed if we didn’t,” he said. “We are looking at a flotation, but there [...]
Danish OW Bunker says equity is “wiped out flat” after it suspends shares eight months after $1bn IPO November 6, 2014 Danish marine fuel bunkering company OW Bunker has advised investors to assume its equity is "wiped out flat" after it suspended shares following allegations of fraud by senior employees in Singapore. In an announcement last night, it confirmed an investigation into the allegations is under way, but added that initial findings suggested the fraud [...]
Exclusive: Virgin Money IPO gets thumbs-up from investors as “big four” banks are slated by CMA November 6, 2014 Bankers working on the flotation of Virgin Money are likely to exercise their "greenshoe" option when it launches its initial public offering (IPO) later this month, City A.M. understands. A source close to the deal said such has been the enthusiasm from investors for shares in the bank, it will sell an extra tranche of [...]