Shawbrook to test market appetite with revived London float.

Retail banking business Shawbrook was reportedly preparing to revive its long-awaited initial public offering, with private equity owners BC Partners and Pollen Street Capital expected to issue an intention to float as early as Thursday.

Source: Sharecast

The move comes after plans to list the UK small business lender were paused earlier this year amid market volatility. Sources cited by the Financial Times suggest Shawbrook could be valued at up to £2.0bn.

BC Partners and Pollen Street, which acquired Shawbrook in 2017, were said to be keen to proceed before financial disclosures and due diligence become outdated. The listing push comes despite concerns in the City that banks could face fresh tax measures in chancellor Rachel Reeves' upcoming Budget on 26 November.

Goldman Sachs and Barclays were signed on to lead the IPO process, with Deutsche Bank, Stifel and UBS also advising. Previous efforts to sell or float Shawbrook in 2022 were shelved after inflationary pressures hit its customer base.

If successful, the IPO would mark the largest listing on the London Stock Exchange this year.

Reporting by Iain Gilbert at Sharecast.com

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