Aldermore floats on London Stock Exchange
The bank, which is valued at £651m, is looking to sell 34.8% of new issued capital at 192 pence per share, although at the time of writing the price has risen to 213 pence per share.
Phillip Monks, Aldermore’s chief executive 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.
“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 to British SMEs and homeowners.”
The bank has issued 39,062,500 new shares, while trading began at 8am.
Aldermore announced that it planned to float on the stock exchange in September, but the challenger bank delayed doing so until now after the global markets slumped a month later.
Monks added: “I would also like to personally thank all of my colleagues for their hard work and commitment.
“Something all the team shares is an enormous sense of pride in how we serve our growing number of customers and the achievements we have made so far.
“To demonstrate our gratitude, and to ensure all of our team can participate in our future success, I’m delighted to announce that we will be awarding Aldermore shares of up to £1,000 in value to each of our employees.”