Shawbrook fires gun on London IPO with £1.92 billion valuation

Small business lender Shawbrook Group has kicked off this year’s biggest UK stock market flotation with a £1.92 billion valuation.

The group said so-called conditional dealings launched on October 30 would see shares priced at 370p each, in the middle of its expected range, while unconditional dealing will begin on Tuesday November 4.

Shawbrook, which lends to small and medium-sized businesses, said it aims 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, with a total offer worth £348 million, or 18.1% of its share base.

It provides a further boost to the troubled London market thanks to a bounce-back in flotations after a dearth in recent years.

Other firms recently launching initial public offerings (IPOs) include The Beauty Tech Group and Liverpool-based tinned tuna and Napolina firm Princes Group.

Marcelino Castrillo, chief executive of Shawbrook, said: “We are proud to be listing in London, our home market, a milestone that positions us well for the opportunities ahead.

“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.”

Shawbrook will raise about £25 million from the sale of shares to retail investors as part of the listing.

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.

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 this to about £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.