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The bank, backed by billionaires Richard Branson
and Wilbur Ross, has set a price range of between 283 pence and
333 pence a share, giving it a valuation of 1.25-1.45 billion
pounds, the sources said.
The company is seeking to raise 150 million pounds from the
initial public offering (IPO), which was originally expected to
value the firm at 1.5-2 billion pounds.
Virgin Money postponed its listing in October, about a fortnight
after it announced its intention to float, citing weak market
conditions which also claimed the offerings of UK challenger
bank Aldermore and French energy services firm Spie.
However the turmoil in equity markets over concerns about global
growth has eased in recent weeks, helped by some strong
corporate earnings and Japan's surprise boost to its economic
stimulus program.
Virgin Money Chief Executive Jayne-Anne Gadhia said in a
statement on Tuesday that improved market conditions and 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.
Virgin Financial Investments owns 46.5 percent of Virgin Money,
and WL Ross, the U.S.-based investment vehicle of Wilbur Ross,
owns 44.9 percent
BoA Merrill Lynch and Goldman Sachs are leading the deal.
Barclays and Citi are joint bookrunners.
(Reporting By Freya Berry, writing by Pamela Barbaglia, editing
by Carmel Crimmins and Susan Thomas)
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