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Investing.com -- U.K. digital bank Shawbrook announced Monday its plans to list on the London Stock Exchange in early November, joining the wave of companies moving forward with initial public offerings amid a revival in European listings.
The small-business lender said the offering will include both new and existing shares, with the bank aiming to raise £50 million ($66.8 million) through the sale of new shares in addition to the secondary fundraise. Current sole shareholder Marlin Bidco will also sell a portion of its holdings as part of the offering.
Shawbrook’s IPO structure will include an over-allotment option representing 15% of the shares. The bank expects to meet free-float requirements for inclusion in FTSE U.K. indices, with the final pricing details to be announced later in October.
The digital lender also reported growth in its loan book, which increased to £18.3 billion as of September 30, up from £17.0 billion at the end of June.
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