Proactive Investors - Shawbrook Bank’s private equity owners BC Partners and Pollen Street Capital are once again setting their sights on the public markets for the challenger bank
The duo, which took control of Shawbrook in a £868 million acquisition back in 2017, have been engaging with key figures in the City to gauge interest for a potential listing, according to a Times report.
The talks come two years after a much-anticipated £2 billion flotation was nixed, a decision driven by the tumultuous market conditions and a noticeable downturn in dealmaking.
Renewed talks of an IPO will be welcome news for the City of London, which continues to battle lower dealmaking and primary listings in 2024.
However, with a debut from Air Astana this week, a rumoured debut for Raspberry Pi in the works, and a NatWest Group PLC (LON:NWG) retail offer on the way, signs of recovery are steadily emerging.
Marlin Bidco, the bid vehicle for private equity groups BC Partners and Pollen Street Capital, took Shawbrook private in 2017 in a hostile takeover.
The bank’s independent directors fended off numerous approaches, but eventually conceded at an offer of 340p per share which saw Pollen Street reclaim the company after floating it in 2015 at a £725 million valuation.
Last August, Shawbrook was tipped to take over The Co-operative Bank in a £3.5 billion merger that valued the consumer lender at around £800 million.
Those talks have since ended.
Shawbrook was also said to be mulling a takeover of distressed challenger bank Metro.