Virgin Money Flotation Is Back On Track

Virgin Money has confirmed it will go ahead with its stock market flotation, after postponing the listing last month.

The bank confirmed on Tuesday an earlier report by Sky News that it was now satisfied market conditions had settled amid volatility last month on global economic growth worries.

The company, backed by Sir Richard Branson, plans to raise around £150m from the sale of new shares, valuing the firm at up to £2bn.

Virgin Money chief executive Jayne-Anne Gadhia said in a statement that new Bank of England leverage rules set out last week had provided clarity for the UK banking sector, meaning the time was right to push ahead.

She said: "Given this and given more stable market conditions, we now plan to move forward with our IPO (Initial Public Offering) with the aim of being admitted by the end of November.

Ms Gadhia had previously stated that Virgin Money had performed strongly during its third quarter, winning a 4.5% share of new mortgage applications.

"Looking to the future, we have a powerful brand, a strong balance sheet, a strong core business franchise and considerable opportunities to continue to extend our product range," she said.

Virgin Group and WL Ross, a US-based investment vehicle, collectively own just over 90% of Virgin Money.

Bank of America Merrill Lynch, Barclays, Citi, Goldman Sachs and Keeffe Bruyette & Woods are working on the Virgin Money flotation.

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