(Adds details)
LONDON, Feb 24 (Reuters) - British banking newcomerAldermore plans to raise 75 million pounds ($115.9 million) fromthe sale of shares in a stock market flotation next month.
Aldermore has established itself as a credible challenger toBritain's biggest banks by focusing on lending to smallbusinesses and homeowners, and its initial pulbic offering (IPO)is likely to value the business at between 600 million poundsand 650 million pounds, a source familiar with the matter said.
Private equity firm Anacap and other investors will sellshares in the offer, which will result in about 40 percent ofthe bank being listed, Aldermore said on Tuesday.
At a valuation of 650 million pounds, that would seeexisting shareholders sell about 185 million pounds of sharesalongside the new shares.
The bank had previously sought a valuation of about 800million pounds when it considered listing last year, only topostpone the offering after a tumble in global stock markets andresistance from investors to its valuation.
Aldermore, founded in 2009 by former Barclays executive Philip Monks and does not have a branch network, isstill seeking a significant premium to its book value of about450 million pounds.
It reported underlying pretax profit of 56.3 million poundslast year, more than double its 2013 profit, and said its returnon equity was 15 percent, above the level of almost all Europeanrivals.
Hedge fund investors Toscafund Asset Management LLP andLansdowne Partners held a combined 8 percent of Aldermore andsaid when the bank previously intended to float that theyplanned to increase their shareholdings.
Aldermore did not mention the intentions of Lansdowne orToscafund in its latest statement.
Credit Suisse and Deutsche Bank areleading the listing and Lazard is advising.($1 = 0.6471 pounds) (Reporting by Steve Slater; Editing by David Goodman)
Barclays (BARC)