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Small business lender Shawbrook Group has launched the biggest UK stock market flotation this year with a valuation of £1.92bn.
The group said the so-called conditional deal launched on October 30 would price each share at 370p, the middle of its expected range, while the unconditional deal would start on Tuesday November 4.
Shawbrook, which makes loans to small and medium-sized businesses, said it aimed to raise £50 million through the sale of new shares.
It will also sell shares held by its existing private equity backers BC Partners and Pollen Street Capital, taking the total offering to £348 million or 18.1% of its share base.
This gives even more encouragement to troubled people London The market thanks to a surge in flotation after a decline in recent years.
Other companies that have recently launched initial public offerings (IPOs) include The Beauty Tech Group and Liverpool-based Tinned Tuna and Napoleona firm Princess Group.
Marcelino Castrillo, chief executive of Shawbrook, said: “We are proud to list in our home market London, a milestone that positions us well for the opportunities ahead.
“We have built scale in diverse, attractive markets and, following significant investment under private ownership, we are well-positioned to grow further, supporting UK businesses and families.
“As a listed company, we will continue to invest in our platform and people, deepening our presence in selected markets and selectively expanding where we see attractive demand.”
As part of the listing Shawbrook will raise approximately £25 million from the sale of shares to retail investors.
The lender has been owned by BC Partners and Pollen Street Capital since 2017, when they took the then London-listed group private.
Its owners had planned to bring Shawbrook in as early as 2025, but plans were derailed in early April due to volatile markets caused by U.S. President Donald Trump’s tariff announcements.
Private equity backers also tried to raise cash through a sale or float in 2022, but put those plans on hold as the inflation crisis hit many of its clients.
Shawbrook’s loan book stood at £18.3 billion at the end of September, up from £17 billion at June 30, and it wants to almost double it to around £30 billion by the end of 2030.
Customer deposits also rose to £17.6 billion at the end of September from £16.7 billion three months earlier, it said.