Aldermore has priced its initial public offering (IPO) of 117,934,783 shares at 192 pence per share, giving it a total market value of approximately £651m (921.23m) at launch.
The group hopes to raise £75 million in gross proceeds (profits), part of which will return to Anacap Partners, the bank’s private equity backers.
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The net proceeds from the offer receivable by Aldermore will be used to support the medium term growth of the business.
The company, its directors, AnaCap and certain other shareholders have agreed to lock-up arrangements in respect of their remaining holdings of shares for specified periods of time following Admission.
Dealing began at 8.00am today under the ticker "ALD"; a spokesman for the bank told Leasing Life the share price had already jumped 10%, listing the value of the bank at over £700m, at the time of writing.
Phillip Monks, chief executive officer, said: "This is an exciting moment for Aldermore. The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs and homeowners. It’s also a clear demonstration that the investment community shares our confidence in our ability to continue delivering profitable and sustainable growth for our investors."
