Shawbrook Seeks Up to £2 Billion Valuation in London IPO

Shawbrook Group Plc and its backers are seeking a valuation of as much as £2 billion ($2.7 billion) in the banking firm’s London listing, in what could be one of the City’s biggest initial public offerings for a local company in years.

The specialist lender is set to market shares at a price range of £3.50 to £3.90 apiece, according to a statement on Tuesday. Shawbrook is seeking to raise £50 million in proceeds from the sale of new shares, while its backers are set to offer as many as 81.1 million existing shares. At the top of the range, the deal would raise more than £360 million before an over-allotment option.