Shawbrook plans London IPO

Shawbrook's Initial Public Offering Plans

(Reuters) -British bank Shawbrook is planning an initial public offering in London, it said on Monday, in what could be one of the city's biggest listings in years. 

Company Background and Ownership

In a statement, the alternative lender said the planned IPO would help boost its profile in Britain and fund its growth plans, as well as allowing its sole shareholder, Marlin Bidco, to sell down some of its stake. Marlin Bidco is a vehicle controlled by private equity firms BC Partners and Pollen Street.

Valuation and Market Potential

An IPO could value Shawbrook at as much as 2 billion pounds ($2.69 billion), a source told Reuters last week. 

Investor Participation and Free Float

The listing will mark a return to the public markets for the company after it was taken over by BC Partners and Pollen Street in 2017. Marcelino Castrillo, chief executive officer, said the listing was a milestone for the firm. 

"We have achieved real scale, and our current markets are large and growing, supported by attractive tailwinds," he said. "We also see a significant opportunity to bring Shawbrook's offering to new types of customers."

Shawbrook said it intends to sell shares to retail and institutional investors and will have a free float of at least 10%. It also expects to be eligible for inclusion in London's FTSE indices. 

($1 = 0.7437 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala, Kirsten Donovan)