Virgin Money has become the latest business to postpone its plans for an initial public offering (IPO).
A fortnight ago, the company announced that its share offer was expected to raise gross proceeds of approximately £150 million, and that it expected that admission would take place in October 2014.
Virgin Money has now told the stock market that it continues to progress its plan for an initial public offering, mindful of market conditions. It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow.
Jayne-Anne Gadhia, Virgin Money’s chief executive officer, said: “Virgin Money continues to perform strongly and we remain focused on delivering a successful initial public offering as soon as market conditions allow.”
On Wednesday, Aldermore Bank announced the cancellation of its planned initial public offering.