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UK bank Aldermore valued at $982 million in London listing

Published 10/03/2015, 07:25
© Reuters. UK bank Aldermore valued at $982 million in London listing

LONDON (Reuters) - New British lender Aldermore is to be valued at around 651 million pounds ($982 million) in its London stock market debut, after pricing its offering near the top of the range.

The banking newcomer, backed by private equity firm AnaCap, priced its offering of 34.8 percent of issued share capital at 192 pence a share.

AnaCap stands to make 150 million pounds from the sale, a source familiar with the matter said. The source said the sale had attracted interest from investors in Britain and the United States.

An initial price range had been set at between 175 pence and 195 pence per share. The so-called "challenger bank" will raise 75 million pounds in the listing.

Trading is due to start at 0800 GMT on Tuesday. Credit Suisse (VX:CSGN) and Deutsche Bank (DE:DBKGn) are leading the listing, while RBC Capital Markets is joint bookrunner. Lazard is advising.

($1 = 0.6630 British Pounds)

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