Shawbrook set to list next month in year’s biggest London IPO

Small business lender Shawbrook Group has confirmed plans to float next month in what is set to be the biggest London market listing so far this year.

Shawbrook said it expects to kick off its initial public offering (IPO) in early November in a move that could reportedly value the firm at £2 billion.

It would give another shot in the arm to the troubled London market as it enjoys a welcome bounce-back in flotations following a scarcity in recent years.

The Beauty Tech Group, which makes gadgets including LED face masks, kicked off its flotation earlier this month with a £320 million valuation and Liverpool-based tinned tuna and Napolina firm Princes Group last week confirmed aims to list later in October, with a reported £1.5 billion valuation.

Shawbrook, which lends to small and medium-sized businesses, said it aims to raise £50 million through the sale of new shares, while it will also sell shares held by its existing private equity backers BC Partners and Pollen Street Capital.

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 looked to float Shawbrook earlier in 2025 but the plans were derailed by volatile markets sparked off by US President Donald Trump’s tariff announcements in early April.

The private equity backers also tried to cash out in 2022 with either a sale or float, but shelved those plans too as it came amid an inflation crisis impacting many of its customers.

The group said on announcing proposals to float earlier this month that a float would help with the next stage of its evolution and support growth plans.

Chief executive Marcelino Castrillo said at the time: “We have achieved real scale, and our current markets are large and growing, supported by attractive tailwinds.

“We also see a significant opportunity to bring Shawbrook’s offering to new types of customers.”

“An IPO would mark an important milestone in our journey,” he said.

The group’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 this to around £30 billion by the end of 2030.

It said customer deposits also increased to £17.6 billion by the end of September from £16.7 billion three months earlier.