Shawbrook Set to Boost London's IPO Standing with £2 Billion Float
Challenger bank Shawbrook is set to float on the London Stock Exchange, potentially valuing the company at up to £2 billion. This move comes amidst concerns about London's status as a global equities centre, following AstraZeneca's decision to list directly on Wall Street.
Shawbrook, originally founded within the Metalrax Group, aims to boost its profile and fund growth through this Initial Public Offering (IPO). Finance chief Dylan Minto praised London's attractiveness for raising capital, despite recent figures showing London has fallen below Mexico and Singapore in IPO fundraising this year.
The IPO will also allow private equity backers to cash in some of their stake. Shawbrook's listing is expected to allay fears about the future of the London market, following AstraZeneca's switch to Wall Street. Beauty Tech and Princes have also recently announced plans for IPOs in London, indicating renewed confidence in the city's stock market.
Broker AJ Bell has identified ten London-listed firms that may consider switching to New York, highlighting the competition for global listings. However, Shawbrook's IPO, along with other recent announcements, signals that London remains an attractive destination for businesses seeking to raise capital.
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