Indeed, the company had planned to raise £75m by selling shares, with AnaCap also cashing in some of its investment.
Essentially, Aldemore had set up a price range which would have given it a valuation of £870m.
But after investors pressured the company to lower its flotation price, “Aldermore’s board and shareholders have elected not to proceed at this time.” This was also “due to the recent deterioration of global equity markets.”
“Aldermore continues to perform strongly, with excellent organic loan growth and a proven track record of delivery through its modern, digital platform. AnaCap, as a long term investor, will continue to support the next phase of its development.”
This cancellation makes Aldermore the biggest victim in the equity market slump.
Aldermore is not the first company to rein in price expectations. Jimmy Choo narrowed its price range and Miller Homes, the UK’s largest housebuilder, cancelled its IPO.
This could be due to the FTSE 100 Index falling by more than seven per cent and an IPO frenzy earlier this year leaving investors out of pocket.
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