The bank’s price is close to the top end of its 255 to 305 pence range and raises £90m through the sale of 75m shares.

Richard Pyman, chief executive, said: “We are delighted that our initial public offering has been successfully received by investors and we welcome them to our business. Our focus remains on providing UK customers with a fresh, pragmatic approach to lending and savings whilst driving further growth by maximising opportunities in existing markets, capitalising on the embedded growth in our current loan book and developing a range of products to facilitate expansion into adjacent segments.”

The Special Opportunities Fund (Guernsey) will continue to hold 59% of the company’s shares with Goldman Sachs International holding up to 15%.