The company was established in 2008 as a lender serving the United Kingdom residential mortgage market, operating through core brands Precise Mortgages, a property lender, Charter Savings Bank, an online retail savings bank, and Exact Mortgage Experts, a mortgage administration and other services business.
The IPO will comprise an issue of new shares and the sale of a portion of the existing ones held by its major shareholders, Elliott International and Elliott Associates, and certain members of the group's management, Charter Court said.
United Kingdom online mortgage bank Charter Court Financial Services is planning an initial public offering in London, the firm said on Tuesday, which a source said would value it at more than 500 million pounds ($645.95 million). It had a £4.4b net mortgage loan book as of 30th June 2017 and has generated mortgage originations of £2.5bn in 2016, up 55% on 2015.
Charter Court hopes the IPO will position the company for the next stage of its development and further raise its profile, while assisting in retaining and incentivising employees and providing it with a platform for future growth as well as enabling the selling shareholders to partially release their investment. Underlying profit after tax more than doubled last year to £38.6 million and hit £33.4m in just the first six months of this year.
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Charter Court is the parent company of Precise Mortgages, Charter Savings Bank and Exact Mortgage Experts.
The group intends to maintain net loan growth of at least 20% per annum in the medium term and is now targeting a dividend pay-out ratio of at least 15% of the profit for the year.
The management of the Group is led by Ian Lonergan, chief executive, supported by Sebastien Maloney, chief financial officer and Peter Elcock, chief risk officer, who collectively have more than 75 years of experience in banking and mortgage lending and are supported by a team of nine individuals with an aggregate of more than 225 years of experience in their respective areas of responsibility.
"We believe this is therefore the right time for this IPO, which will enhance our profile as we look to leverage our specialist skills and capabilities to exploit the opportunities we see for further growth in our chosen specialist mortgage markets".
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