Share surge values Aldermore at £650 million as staff set to benefit from share payout

Aldermore’s strong market debut comes after the lender postponed its original plans to float last October, giving the reason as ‘deterioration of global equity markets’.

The net proceeds from the offer receivable by the company are to be used to support the medium term growth of the business.

The IPO also comprises a sale by AnaCap Financial Partners L.P., AnaCap Financial Partners II, L.P., AnaCap Derby Co-investment (No.1) LP and AnaCap Derby Co-investment (No.2) L.P. (together AnaCap) of a portion of their existing holding of shares.  No member of the company’s board or senior management team is selling shares.

Phillip Monks, Aldermore’s chief executive officer (pictured), commented: “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.”

He 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.”  

Fabrizio Cesario, partner of AnaCap, commented: “Aldermore has grown strongly since it was founded by AnaCap in 2009. AnaCap led a strategy that transformed the business from a niche UK bank into a technically sophisticated, multi-product institution that is considered one of the country’s leading ‘challenger banks’, providing loans to SMEs and retail customers.

“Last month Aldermore announced it had almost doubled pre-tax profits to £50.3 million in 2014 from £25.7 million the previous year. Net lending to customers grew 42% to £4.8 billion.”  

The IPO represents a partial exit for AnaCap, which has agreed to lock-up arrangements in respect of their remaining holdings of shares for specified periods of time following admission.