AnaCap's Aldermore lists with £650m market cap

Aldermore offered 117,934,783 ordinary shares (34.8% of the issued share capital) at 192 pence apiece – near the top of the initial 175–195 pence range. The offer comprised 39,062,500 new shares, allowing the company to reap gross proceeds of £75m.

AnaCap partly realised its investment in the business by selling shares in the offering, while its remaining holding is subject to a lock-up period. No member of the company's board or senior management team sold shares in the IPO.

Each Aldermore employee will be awarded £1,000 worth of shares, according to the company's CEO Phillip Monks.

Aldermore had already come close to listing in October last year, before pulling out in the face of what it considered difficult equity market conditions.

The bank had set the price range for its IPO back in 2014 at between 217–265 pence per share, giving it an anticipated market cap of around £800m at the mid-point. The company had hoped to raise £75m through the process.

The advisers involved in the 2014 IPO attempt remained on board to work on the eventual listing. Credit Suisse Securities and Deutsche Bank acted as joint global coordinators and joint bookrunners in the IPO. RBC Europe also acted as joint bookrunner. Nomura and Numis Securities acted as co-lead managers. Lazard was financial adviser to Aldermore and AnaCap.

Previous funding
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 of that year.

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 in early 2014 to fuel the company's growth in retail and small-business lending.

Company
Peterborough-based Aldermore is an independent bank offering lending across asset finance, invoice finance, as well as commercial and residential mortgages. Net loans totalled £4.8bn in 2014.

The company posted pre-tax profits of £50.3m in 2014, against £25.7m in 2013.

People
Fabrizio Cesario led the deal for AnaCap.

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• Topics
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• Unq2015Apr