Zopa delays flotation again due to market conditions
The flotation of Zopa is likely to be further delayed because the public markets are suffering from a “temporary closure”, according to the chief executive Jaidev Janardana.
In an article in the Times, Janardana said the company was likely to go public “at the back end of next year” or even later as it waits for the right moment.
Read more: Zopa won’t commit to London for IPO
Zopa was launched in 2005 as the world’s first peer-to-peer lender, but has since become a bank, after securing a banking licence in June 2020.
It now offers savings accounts, personal loans and credit cards, with £3.5bn in customer deposits and more than £2bn of loans on its balance sheet.
In 2022, it was expected to launch an initial public offering, but economic conditions and market stability put the plans on hold.
Read more: Zopa delays IPO
Zopa employs 710 people in the UK and a handful of engineers based in Spain, and although Janardana would like to float the business in London, the company has not ruled out exploring other markets.
“We have kept our options open,” he told The Times. “Our desire would be to be in London, but that’s emotional. We have to make the right choice when the time comes.”
He explained that the bank “needs more capital in order to grow”, and they do not “see a reason to rush a flotation”.
It will publish its annual report for 2022 shortly.
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