Aldermore has said it will launch its initial public offering (IPO) on the London Stock Exchange by the end of October.
The long-rumoured IPO will involve £75m worth of new shares, according to a statement from the bank accompanying its results.
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An unspecified amount of shares will be purchased by Toscafund Asset Management and Lansdowne Partners, who intend to increase their respective shareholdings in Aldermore from a current combined 8.3%. The offer will also include the sales by AnaCap and certain other current shareholders of a portion of existing shares.
The bank is applying to list the company’s shares to the premium listing of the Official List of the Finance Conduct Authority (FCA) and to trade on the main market for listed securities of the London Stock Exchange.
The bank confirmed the hire of non-executive director Peter Anderson Shaw, as reported by Leasing Life, while adding Neil Cochrane as another non-executive director. Aldermore said it intends to add another non-executive director before it floats who will be senior independent director.
Reports of a possible IPO have been circulating since last year, and Aldermore becomes the second company to be ‘realised’ or sold from private equity owner Anacap’s 2009-vintage 575m fund.
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By GlobalDataProfits up
The challenger bank also released its half year results, which revealed a 249% year-on-year increase in pre-tax profits to £18.6m, for the six months ending 30 June 2014.
This was driven by a significant growth in net lending, which stood at £4.0bn on 30 June 2014, up from £3.4bn on 31 December. Half of this was money lent to SMEs. For Aldermore Asset Finance, net loans as of 30 June 2014 was £871.1m, and the bank said it accounted for 2.9% of the total UK Asset Finance market.
Gross organic origination volumes also increased to £1,041m, up from £347m in 2011.
Phillip Monks, chief executive officer of Aldermore Bank said; "Now in our sixth year of growth, becoming a public company is the natural next step in Aldermore’s evolution and positions us for the next stage of our development through greater access to the capital markets and enhanced profile for our brand."
