AnaCap's Aldermore cancels IPO

The company cited the deterioration of global equity markets as motivation for the decision, stating AnaCap, its lead investor, will continue to support the next phase of Aldermore's development.

Earlier this month, the bank set the price range for its IPO at between 217-265 pence per share, giving it an anticipated market cap of around £800m at the mid-point. The company had previously stated it hoped to raise £75m through the process.

The floatation would have represented an exit for AnaCap's Financial Partners, Financial Partners II, Derby Co-Investment No 1 and Derby Co-investment No 2 funds.

Credit Suisse Securities and Deutsche Bank were acting as joint global coordinators and joint bookrunners for the process, while Lazard & Co acted as financial adviser to Aldermore and AnaCap.

In 2009, Morgan Stanley Alternative Investment Partners invested £45m in Aldermore (then Ruffler Bank), alongside AnaCap, according to unquote" data. The investment followed AnaCap's acquisition of London-based Ruffler Bank in May.

AnaCap had been looking for opportunities in the banking sector and was introduced to the bank by the company's financial advisers, while the firm's founder Roy Ruffler wished to retire from the business.

In September 2011, Goldman Sachs, Honeywell Capital Management and Ohio Public Employees Retirement System took part in a £62m second round of funding for the firm.

The company then raised £40m from Toscafund and Lansdowne Partners earlier this year to fuel the company's growth in retail and small business lending.

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