By Charlie Conchie
LONDON -British bank Shawbrook could file for an initial public offering as early as the coming days, two people familiar with the matter said, in what would be one of London’s biggest debuts in years.
The lender, owned by private equity firms BC Partners and Pollen Street, is preparing to announce its flotation plan after shelving preparations earlier this year due to market volatility, the people said.
They cautioned that no firm decision had been made.
An IPO could value Shawbrook at as much as 2 billion pounds ($2.7 billion), one of the people said.
LONDON HAS STRUGGLED TO ATTRACT NEW LISTINGS
A flotation would mark a return to the public market for the lender after it was taken private by BC Partners and Pollen Street in 2017. The owners have also explored a number of deals with rival lenders in the past two years, including Metro Bank and Co-op Bank, Reuters has previously reported.
Shawbrook declined to comment. The Financial Times earlier reported the news.
Shawbrook’s IPO would be a boost for London after a barren patch for new listings and fears over the health of Britain’s capital markets.
London is on course for its lowest number of IPOs ever this year, with just nine companies listing so far across the main market and junior AIM, according to London Stock Exchange data.
While policymakers and regulators overhauled London’s listing rules last year, the move has yet to translate into meaningful IPO activity.
Advisers are hoping for a pickup in the coming months, however.
Canned-food maker Princes and Beauty Tech Group have both announced plans to float in London.
Hg, the private equity owner of Visma, has also provisionally picked London for an IPO of the software company next year in a deal that could value the company at around $20 billion.
($1 = 0.7422 pounds)
(Reporting by Charlie ConchieEditing by Mark Potter)
