Virgin Money gives hope for IPOs as £312m float succeeds

By Jon Hay
13 Nov 2014

Virgin Money, the UK challenger bank backed by Richard Branson and Wilbur Ross, succeeded in pricing its £312m IPO on Wednesday, though at the bottom of the price range. The sale brought the former Northern Rock back to the stockmarket, six and a half years after it was nationalised after suffering a deposit run in 2007.

Virgin Money, owned mainly by Virgin Financial Investments and WL Ross & Co, bought the bank in January 2012 for £747m, plus a further £280m of delayed payments.

The flotation of a 25% stake valued the bank at £1.25bn – a far cry from the valuation ...

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