Aldermore eyes £75m LSE flotation next month

Challenger bank Aldermore has announced it will float on the London Stock Exchange next month.

The lender, launched in May 2009, says it aims to raise around £75m through the initial public offering,

Aldermore currently has more than £4bn in loans outstanding, and pre-tax profits for the half-year ended 30 June 2014 of £18.6m, up from £5.3m a year earlier.

Aldermore chief executive Phillip Monks says: “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.”

No specific date has been set for the flotation, with investment banks Credit Suisse and Deutsche Bank co-ordinating the deal and Lazard acting as chief financial adviser.