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LONDON - Shawbrook Group plc announced on Tuesday the price range for its planned initial public offering (IPO), setting it between 350 to 390 pence per share. This pricing implies a market capitalization at admission of approximately £1.8 billion to £2.0 billion.
The UK-based financial services company expects to raise £50 million in gross proceeds through the issuance of between 12.8 million and 14.3 million new shares. Additionally, the company’s existing sole shareholder, Marlin Bidco Limited, plans to sell between 79.9 million and 81.1 million existing shares.
Following admission, approximately 18 percent of Shawbrook’s shares will be held in public hands, potentially increasing to 21 percent if an over-allotment option for up to 14.1 million additional existing shares is exercised in full.
The offer will be made available to qualified institutional buyers in the United States and certain institutional investors in the United Kingdom and elsewhere. A retail offer will also be available to UK residents with a minimum application amount of £250.
The company has implemented lock-up arrangements, with Shawbrook and Marlin agreeing to 180-day restrictions from admission. The company’s CEO, CFO, and Executive Committee members face staggered two-year lock-up periods, with 50 percent of shares released after one year.
Shawbrook has engaged Goldman Sachs International as Sponsor, Joint Global Coordinator and Joint Bookrunner, alongside several other financial institutions to manage the offering.
The final offer price is expected to be announced on October 30, with admission to the Official List of the Financial Conduct Authority and trading on the London Stock Exchange’s Main Market anticipated on November 4.
The information in this article is based on a press release statement issued by Shawbrook Group.
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