Aldermore Group Plc has announced the pricing of its initial public offering (IPO).

It will be offering 117,934,783 Ordinary Shares at 192 pence per share, which represents 34.8% of Aldermore’s issued share capital.

Based on this offer price, the total market capitalisation of Aldermore is approximately £651 million.

The offer comprises an offer of 39,062,500 new shares to be issued by the company to raise gross proceeds of £75 million, which will be used to support the medium term growth of the business.

It also comprises a sale by AnaCap of a portion of its existing holding of shares.  No member of the Company’s Board or senior management team is selling Shares.

Phillip Monks, Aldermore’s CEO, said: “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.

“I would also like to personally thank all of my colleagues for their hard work and commitment. Something all the team shares is an enormous sense of pride in how we serve our growing number of customers and the achievements we have made so far. To demonstrate our gratitude, and to ensure all of our team can participate in our future success, I’m delighted to announce that we will be awarding Aldermore shares of up to £1,000 in value to each of our employees.”