Virgin Money gives hope for IPOs as £312m float succeeds
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 ...Already a subscriber? Login
Further Reading
-
SRI / Green Bonds
UK’s green Budget ‘underwhelming’ as gaps, contradictions appear
-
IPOs
Equity market cheers London listing review
-
ABBs/Block Trades
Shareholder sells Melexis shares to increase freefloat
-
Follow-Ons/Rights Issues
EDPR sells cheap to price €1.5bn 're-IPO' amid rising bond yields inflation fears