After announcing plans to float last week, ‘challenger bank' Aldermore, has revealed the price range for its IPO today, which will value the company at around £800m.
The share price will be set between 217p and 265p as it makes its stock market debut on 17th October, when it hopes to raise around £75m.
Chief exec Phillip Monks launched the bank in 2009 with backing from private equity firm AnaCap. It has capitalised on the appetite among small businesses and homeowners for alternative, non-big 'bad' bank sources of finance and generated pre-tax profits of £18.6m in the six months to June. It now boasts 800 staff and 160,000 customers.
Aldermore is the fourth bank to seek a London listing this year. Yesterday Virgin Money announced plans to raise £150m in its highly anticipated floatation, while Lloyds offshoot TSB and One Savings Bank listed earlier in the year. Metro Bank and Santander UK are expected to list in 2015.