Aldermore valued at up to $1 billion in London listing

* Sale covered on first day of bookbuild

* Price set between 175-195 pence per share (Adds further details)

By Matt Scuffham and Freya Berry

LONDON, March 3 (Reuters) - British banking newcomer Aldermore will have a valuation of between 600 million pounds and 660 million pounds ($922 million-$1 billion) following its London stock market listing, industry sources said.

The sources said Aldermore, which plans to raise 75 million pounds from the initial public offering, had managed to cover the books for the sale early on the first day of its bookbuild on Tuesday.

The shares will be priced between 175 pence and 195 pence per share, the sources said, and the valuation represents a significant premium to Aldermore's book value of about 450 million pounds.

Last October, Aldermore cancelled a planned stock market listing which would have valued the business at about 800 million pounds, after a fall in stock markets sapped investor interest in new listings.

Aldermore was founded in 2009 by former Barclays (Hanover: BCY.HA - news) executive Phillip Monks with banking from private equity firm AnaCap and has established itself among the newcomers trying to challenge Britain's largest banks.

The bank, which does not have branches, focuses on lending to small businesses, as well as on savings products and home loans. It has picked up customers from larger banks which are downsizing and building capital to meet tougher regulations.

($1 = 0.6507 pounds) (Reporting by Matt Scuffham and Freya Berry; Editing by Steve Slater and Susan Thomas)