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Virgin Money to resume IPO, expects to float by end-Nov.-Reuters

(Reuters) – British lender Virgin Money said on Tuesday it would go ahead with its postponed stock market listing and expected to be admitted to the London Stock Exchange by the end of November.

The company, backed by billionaires Richard Branson and Wilbur Ross, said last month it was postponing its initial public offering (IPO) as market conditions soured amid concerns over global growth.

The business had planned to raise around 150 million pounds ($240 million) in a flotation that could value the firm at 1.5 billion to 2 billion pounds.

Sources close to the matter told Reuters on Monday that Virgin Money was to resume its initial public offering.

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.

“Given this and given more stable market conditions, we now plan to move forward with our IPO with the aim of being admitted by the end of November.”