The challenger bank Aldermore got off to a sparkling stock market debut with shares shooting up 11 per cent in its first day of trading from their 192p offer price.
Aldermore’s private equity owner, AnaCap, had to pull its first attempt to float in October last year, blaming volatile market conditions. At that point it had been aiming for a market value of £800m. Shares in the company rose closed up 22p at 214p, valuing the bank at £726m. The sale netted £150m for AnaCap which will retain a 61 per cent stake. Aldermore has also raised £75m in fresh capital through the sale of new shares.
Its chief executive and former Barclays executive, Phillip Monks, said: “We believe that becoming a listed company will further support our development by allowing us to provide flexible and straightforward products and customer-focused banking services.” Most of Aldermore’s 876 staff have been given between 200 and 1,000 free shares as part of the float, providing a windfalls of £400 to £2,000.
The bank has established itself as one of the more credible challengers to Britain’s “Big Five” – Lloyds, HSBC, Royal Bank of Scotland, Barclays and Santander UK – to emerge since the financial crisis.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies