Today, Aldermore Group PLC confirmed that its total market capitalisation at the commencement of its IPO’s conditional dealings will be approximately £651 million.

Conditional dealings have commenced today on the London Stock Exchange and unconditional dealings are due to begin on Friday. A reported 10 per cent surge has been seen in share pricing today according to City A.M.  

Phillip Monks, Aldermore’s Chief Executive Officer, also revealed today that each employee will be awarded with Aldermore shares of up to £1,000.

He added: “This is an exciting moment for Aldermore.  The success of our IPO is testament to the strength of our story as a legacy-free bank focused on providing banking services to SMEs and homeowners.  It’s also a clear demonstration that the investment community shares our confidence in our ability to continue delivering profitable and sustainable growth for our investors.

“We believe that becoming a listed company will further support our development by allowing us to provide flexible and straightforward products and customer-focused banking services to British SMEs and homeowners.

The challenger bank priced its initial public offering at 192 pence per Ordinary Share of which there are 117,934,783 in total.

Additionally, the Offer comprises of 39,062,500 new shares to raise gross proceeds of £75 million.