Aldermore is preparing to float on the London Stock Exchange.
The UK bank announced that it would be floating on the stock exchange in October and is looking to raise £75 million to "support the medium-term growth of the business". Aldermore said in a statement that it intends to apply for admission of the company's share to the premium listing segment of the Official List of the Financial Conduct Authority (FCA) and trading on the main market for listed securities of the stock exchange.
Publishing its half-yearly results, Aldermore had performed well in the opening six months of the year. The bank stated that its pre-tax profits for the six months to end of June were up 249 per cent on £5.3 million recorded a year earlier reaching £18.6 million. It added that the total amount of loans to customers has now reached and passed the £4 billion mark.
Phillip Monks, chief executive officer of Aldermore, said: "Now in our sixth year of growth, becoming a public company is the natural next step in Aldermore’s evolution and positions us for the next stage of our development through greater access to the capital markets and enhanced profile for our brand."
Founded in 2009, Aldermore has a proven track record of providing savings, mortgages and commercial finances to customers ranging from homeowners to small and medium-sized enterprises (SMEs). Since launching it has grown at a considerable rate, signified by the bank's pre-tax profit rise, and has been aided by funding from advisory firms such as AnaCap Financial Partners LLP.
Aldermore is a regulated bank by the Prudential Regulation Authority and the FCA and is registered under the Financial Services Compensation Scheme. The floatation on the stock exchange will help the bank continue its growth in the coming years.
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