Atom Bank has called off a merger with a SPAC but may still IPO on the London Stock Exchange, The Paypers reports.
The challenger bank is allegedly interviewing investment banks about roles relating to an IPO. The UK-based fintech has been looking to go public for some time, having previously said it was aiming for a 2023 public launch. However, according to different source, the question of where to IPO has followed Atom.
There were concerns from the UK that Atom Bank – currently valued at just under GBP 500 million – would go public in New York after reported interest from a SPAC run by Wilbur Ross, the commerce secretary under former President Donald Trump.
Ross Acquisition II was in detailed talks about a merger with Durham-based Atom Bank as far back as May.
Ross Acquisition II raised $300 million in a March 2021 IPO with initial plans to target companies engaged in EVs, renewable energy and tech.
With the merger reportedly having been called off, Atom Bank will be looking elsewhere for its IPO plans, with London still in the cards.
The UK has been looking to reduce the number of homegrown firms listing elsewhere. Read more.
