Shawbrook Group has priced its initial public offering at 370p per share, the middle of the 350p – 390p range set out earlier in October.
The price gives the specialist lender a market capitalisation of approximately £1.92 billion.
The IPO comprises 13.5 million new shares raising £50 million in gross proceeds, alongside 80.5 million existing shares being sold by the bank’s sole shareholder, Marlin Bidco Limited.
The total offer size amounts to £348 million, representing 18.1 per cent of the company’s issued share capital.
Approximately £25 million of the offer was allocated to retail investors, who will receive 6.8 million shares through participating investment platforms and wealth managers.
Conditional dealings in Shawbrook shares commenced on the London Stock Exchange today under the ticker SHAW.
“The strong support we have received from investors across the UK, Europe and the US, reflects the strength of Shawbrook’s proposition and the business we have built. We are proud to be listing in London – our home market – a milestone that positions us well for the opportunities ahead,” said Marcelino Castrillo, Chief Executive Officer.
“We have built scale across diverse, attractive markets and, following significant investment under private ownership, are well placed to keep growing as we support UK businesses and households.
“As a listed company, we will continue to invest in our platform and people, deepen our presence in chosen markets and expand selectively where we see attractive demand. Our priorities are clear: keep supporting our customers and deliver sustainable, profitable growth and long-term value for all stakeholders.”