Days after a rival challenger bank was forced to cancel its stock market flotation, Virgin Money has delayed its own £2 billion listing because of the recent collapsed in equities worldwide.
The lender said that it planned to price its shares “as soon as constructive market conditions allow”, but it would not complete a listing by the end of this month.
“Virgin Money continues to progress its plan for an initial public offering, mindful of market conditions. It now expects admission to occur later than October 2014,” the company said.
Aldermore, a rival private equity-backed bank, pulled its stock market listing this week. Fund managers had shunned the deal amid the worldwide sell-off in shares that has sent the FTSE 100 index more than 7