Shawbrook IPO Marks London’s Biggest UK Listing in Two Years
Specialist lender’s shares pop after £1.9 billion flotation, signalling hope for UK capital markets revival
Shares in British lender Shawbrook Group rose around 7 % early on Thursday following its initial public offering, in what has become the largest UK-based listing on the London Stock Exchange in two years.
The shares were priced at £3.70 each, within the previously announced range of £3.50 to £3.90, valuing the company at roughly £1.92 billion ($2.58 billion).
The bank sold newly issued stock worth about £50 million, while its private-equity owners—BC Partners and Pollen Street Capital—expect to realise around £298 million from the sale of existing shares.
The listing marks the bank’s return to the public markets after being taken private in 2017.
Shawbrook posted an underlying pre-tax profit of £168 million in the first half of 2025, up from £124.5 million a year earlier, and plans to use part of the IPO proceeds to fund further acquisitions.
Its loan book has recently expanded through deals such as the acquisition of ThinCats, which added around £700 million to its lending portfolio.
The successful listing is viewed by market participants as a potential catalyst for a revival in London’s IPO market, which has seen very few large listings in recent years and has accounted for just 2 % of Europe’s IPO volume in 2025 so far.
Analysts caution that although the debut is positive, restoring London’s status as a listing venue will require sustained momentum and investor confidence.
CEO Marcelino Castrillo said the response from investors across the UK, Europe and the United States reflected the strength of Shawbrook’s business model and growth strategy.
With acquisition appetite high and capital now raised, the lender will test its next growth phase now that the public markets have reconfirmed their interest.
The shares were priced at £3.70 each, within the previously announced range of £3.50 to £3.90, valuing the company at roughly £1.92 billion ($2.58 billion).
The bank sold newly issued stock worth about £50 million, while its private-equity owners—BC Partners and Pollen Street Capital—expect to realise around £298 million from the sale of existing shares.
The listing marks the bank’s return to the public markets after being taken private in 2017.
Shawbrook posted an underlying pre-tax profit of £168 million in the first half of 2025, up from £124.5 million a year earlier, and plans to use part of the IPO proceeds to fund further acquisitions.
Its loan book has recently expanded through deals such as the acquisition of ThinCats, which added around £700 million to its lending portfolio.
The successful listing is viewed by market participants as a potential catalyst for a revival in London’s IPO market, which has seen very few large listings in recent years and has accounted for just 2 % of Europe’s IPO volume in 2025 so far.
Analysts caution that although the debut is positive, restoring London’s status as a listing venue will require sustained momentum and investor confidence.
CEO Marcelino Castrillo said the response from investors across the UK, Europe and the United States reflected the strength of Shawbrook’s business model and growth strategy.
With acquisition appetite high and capital now raised, the lender will test its next growth phase now that the public markets have reconfirmed their interest.
