Deutsche Numis acted as joint bookrunner on the IPO of Shawbrook, which represents the largest public offering by a domestic firm on the London Stock Exchange since 2021
Deutsche Numis acted as joint bookrunner on the initial public offering (IPO) of Shawbrook, which represents the largest public offering by a domestic firm on the London Stock Exchange since 2021. The transaction leveraged the breadth and depth of Deutsche Bank’s global distribution platform and sponsor relationships, the combined strength of Deutsche Bank & Deutsche Numis’ FIG franchise and Deutsche Numis’ leading UK ECM capabilities.
Shawbrook is a differentiated UK digital banking platform, which was founded in 2011, and has been jointly owned by BC Partners and Pollen Street Capital since 2017 following a public-to-private transaction.
Since its founding, Shawbrook has built a scaled and diversified lending platform, servicing large and growing markets, leveraging its sophisticated underwriting and next-generation technology capabilities to deliver strong profit growth and returns.
From 2013, the company has grown its loan book from £1.4bn to £18.3bn, delivering a 30% profit before tax compound annual growth rate and generating a median 20% adjusted return on tangible equity.
Shawbrook’s loan book is diversified across four key segments: SME (~19%), Real Estate (~42%), Retail Mortgage Brands (~33%) and Consumer Finance (~6%).
The offering priced at 370 pence per share, in the middle of the 350 to 390 pence price range, translating into an equity value at IPO of £1.9bn and valuing Shawbrook at approximately 6.6x 2026 estimated price-to-earnings ratio and 1.2x 2025 estimated P/TNAV based on syndicate consensus estimates.
The deal size was £348m, pre-greenshoe (provision allowing underwriters to sell more shares than initially planned if demand exceeds expectations), and £400m assuming full exercise of the greenshoe, implying ~18% and ~21% free floats, respectively.
The deal comprises primary proceeds of £50m, for the purpose of supporting the company’s CET1 ratio within its target range (12-13%), and secondary proceeds of £350m, assuming full exercise of the secondary greenshoe.
This transaction reflects a differentiated growth story in the Banking sector, highlighting investors’ appetite to also look outside of shareholder capital returns and dividends.
An extensive and carefully tailored pre-marketing exercise enabled successful de-risking of the transaction ahead of launch, with books covered throughout the price range message announced shortly post launch.
Strong demand from a high-quality set of long only, financial specialist and retail investors across the UK, US and EU underscored the appeal of Shawbrook’s differentiated investment case and attractive growth profile to multiple investor types across numerous geographies.
The success of this deal sends a strong signal that investor support is there for UK IPOs, and we expect the pipeline of potential new listings to build significantly as we move into 2026.
“We are delighted to have acted as joint bookrunner on Shawbrook’s London IPO, valuing the company at £1.9bn and marking one of the most significant UK listings in recent years.”Jamie Loughborough, Co-Head of Equity Capital Markets, Deutsche Numis
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Deutsche Numis acted as joint bookrunner on the initial public offering (IPO) of Shawbrook, which represents the largest public offering by a domestic firm on the London Stock Exchange since 2021. The transaction leveraged the breadth and depth of Deutsche Bank’s global distribution platform and sponsor relationships, the combined strength of Deutsche Bank & Deutsche Numis’ FIG franchise and Deutsche Numis’ leading UK ECM capabilities.
Shawbrook is a differentiated UK digital banking platform, which was founded in 2011, and has been jointly owned by BC Partners and Pollen Street Capital since 2017 following a public-to-private transaction.
Since its founding, Shawbrook has built a scaled and diversified lending platform, servicing large and growing markets, leveraging its sophisticated underwriting and next-generation technology capabilities to deliver strong profit growth and returns.
From 2013, the company has grown its loan book from £1.4bn to £18.3bn, delivering a 30% profit before tax compound annual growth rate and generating a median 20% adjusted return on tangible equity.
Shawbrook’s loan book is diversified across four key segments: SME (~19%), Real Estate (~42%), Retail Mortgage Brands (~33%) and Consumer Finance (~6%).
The offering priced at 370 pence per share, in the middle of the 350 to 390 pence price range, translating into an equity value at IPO of £1.9bn and valuing Shawbrook at approximately 6.6x 2026 estimated price-to-earnings ratio and 1.2x 2025 estimated P/TNAV based on syndicate consensus estimates.
The deal size was £348m, pre-greenshoe (provision allowing underwriters to sell more shares than initially planned if demand exceeds expectations), and £400m assuming full exercise of the greenshoe, implying ~18% and ~21% free floats, respectively.
The deal comprises primary proceeds of £50m, for the purpose of supporting the company’s CET1 ratio within its target range (12-13%), and secondary proceeds of £350m, assuming full exercise of the secondary greenshoe.
This transaction reflects a differentiated growth story in the Banking sector, highlighting investors’ appetite to also look outside of shareholder capital returns and dividends.
An extensive and carefully tailored pre-marketing exercise enabled successful de-risking of the transaction ahead of launch, with books covered throughout the price range message announced shortly post launch.
Strong demand from a high-quality set of long only, financial specialist and retail investors across the UK, US and EU underscored the appeal of Shawbrook’s differentiated investment case and attractive growth profile to multiple investor types across numerous geographies.
The success of this deal sends a strong signal that investor support is there for UK IPOs, and we expect the pipeline of potential new listings to build significantly as we move into 2026.