BC Partners and Pollen Street Capital are moving forward with plans to float Shawbrook Bank in London, with an initial public offering expected as early as the second half of 2025, according to a report by the Financial Times citing sources familiar with the process.
The sponsors, who acquired the specialist UK lender in 2017, are targeting a valuation of around £2bn. Shawbrook had been preparing for a listing earlier this year, but plans were delayed amid broader market volatility. Additional banks have since been added to the syndicate of advisers as preparations resume.
A successful IPO would mark a rare win for the London Stock Exchange, which has seen limited activity in recent years. Just five listings raised a combined £160m in H1 2025 – the lowest first-half fundraising total since 1995, according to Dealogic.
The Shawbrook transaction is one of several private equity-backed IPOs in the pipeline, pointing to a potential rebound in UK capital markets. Other firms reportedly exploring public listings include Hg-backed Visma and EQT-backed insurer CFC.
Previous attempts to exit Shawbrook, including a potential sale or listing in 2022, were shelved due to market headwinds and pressure on the bank’s SME client base.
Originally established in 2011 following Pollen Street’s acquisition of Whiteaway Laidlaw Bank, Shawbrook has grown into a leading UK challenger bank, focusing on specialist lending to consumers and small businesses.
BC Partners, Pollen Street Capital, and Shawbrook reportedly declined to comment on the IPO plans.
