Virgin Money prices shares at lower end of IPO range

Challenger bank Virgin Money has priced its shares at the bottom of their range as it relaunches its delayed IPO.

Shares will come to market priced at between 283p, the lower end of the 282p-333p range, valuing the bank at around £1.25bn The group initially planned to list on the main market in October, but as macroeconomic fears hit markets, the bank shelved the listing. A recent boost for the banking sector from the Bank of England's leverage ratio review, which imposed less onerous conditions than expected, has also helped Virgin revive its plans. It now expects admission to take place on 18 November 2014.   Jayne-Anne Gadhia, chief executive officer, said: "The completion of our IPO will...