Challenger bank Aldermore today pulled its £800 million stock-market flotation, blaming falling share markets.
The bank indicated it was still pushing ahead with the share sale as recently as Monday.
However, its board and shareholders, mainly US private-equity firm AnaCap, have decided not to proceed.
The FTSE 100 has fallen 7% since Aldermore announced its intention to float on September 22.
Concern is mounting for other impending floats with luxury shoes maker Jimmy Choo next in the frame. It cut the likely share price range of its offer this week, valuing it at up to £700 million.
Sir Richard Branson’s Virgin Money and car auctioneer BCA Marketplace, which are planning £2 billion and £1.2 billion floats this month, will be watching the mood of global stock markets closely.
Aldermore had pitched its shares to investors in the UK, US and Europe in a series of roadshows over the past fortnight.
Today the bank said: “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.”
Aldermore was launched in 2009 by Philip Monks, a banking veteran with previous experience at Barclays, and has more than 150,000 customers. It lent £1.7 billion last year.
