Virgin to float in November

Sarah Davidson

November 4, 2014

The challenger bank announced its intention to raise £150m by selling shares on 2 October, although a few weeks later Virgin delayed its plans after a slump in the global markets prompted Aldermore to cancel its own flotation plans.

Jayne-Anne Gadhia, chief executive officer, said: “Our business performance remains strong and on Friday we published our Q3 trading update which demonstrates our continued growth momentum.

“We welcome the clarity provided by the Financial Policy Committee on the leverage ratio, and are pleased to note that we operate in excess of the recommended requirements.

“Given this and given more stable market conditions, we now plan to move forward with our IPO with the aim of being admitted by the end of November.

“Access to the public capital markets has been a long-term strategic objective for Virgin Money and we are now ready to take this important step forward for our business.”

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