The lender confirmed it was planning an initial public offering (IPO) last week and its intention to publish a prospectus as part of the requirement to list. The prospectus is expected to be published today.
Shawbrook intends to apply for admission of its shares to the commercial companies category of the official list of the Financial Conduct Authority (FCA), and to trade on the London Stock Exchange main market. The admission is expected to take place on 4 November.
The lender’s existing sole shareholder, Marlin Bidco, is expected to sell between 79.9 million and 81.1 million existing shares and Shawbrook is expected to issue and allot between 12.8 million and 14.3 million new shares to raise £50m of gross proceeds.
After admission, around 18% of Shawbrook’s shares will be available for trading to the public.
At the time of the announcement, Marcelino Castrillo, chief executive of Shawbrook, said Shawbrook had created a “scaled and diversified banking platform” and delivered a “long track record of sustainable, profitable growth”.
The growth of ‘just-off-high-street’ lending
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He said Shawbrook saw a “significant opportunity” to bring its offering to new customers and the IPO would “mark an important milestone in our journey”.
