The planned initial public offering (IPO) of UK challenger bank Aldermore has been shelved, according to a statement released by the bank.
Aldermore blamed the deterioration of global equity markets, which forced the Aldermore board and its shareholders to halt the IPO of the bank.
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The FTSE 100 index declined 6.09% in the last month, meaning that shareholders would have received far less per share than before the slide.
The statement read: "Due to the recent deterioration of global equity markets, Aldermore’s Board and Shareholders have elected not to proceed at this time with the initial public offering of Aldermore.
"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."
The bank would not comment on possible future plans to re-initiate a public sale of the bank.
Aldermore had announced in September that its IPO would raise £75m worth of new shares, and had hired Peter Anderson Shaw as a non-executive director to oversee the sale, while adding Neil Cochrane as another non-executive director.
