Aldermore shelves IPO plans
Peterborough-headquartered challenger bank Aldermore has scrapped its plans to float on the London Stock Exchange as the appetite for initial public offerings (IPO) continues to deteriorate.
Chief executive Philip Monks has previously said that becoming a public company was the natural next step in Aldermore's evolution.
But the bank said it has shelved plans to float due to the "recent deterioration of global equity markets".
In a statement on the stock exchange, Aldermore said it "continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform".
It added that AnaCap, as a long term investor, will continue to support the next phase of its development.
The float would have valued the fast-growing challenger bank at about £800m. It would have also raised approximately £75m.