Shawbrook Group has confirmed plans to float on the main market of the London Stock Exchange in a move that could value the specialist lender at about £2 billion.
The listing, expected in early November, follows its earlier statement of intent and comes as the bank reports continued strong trading in the third quarter.
The offer will consist of new shares issued by Shawbrook to raise around £50 million, alongside the sale of shares by its current owner, Marlin Bidco Limited. A further 15% of the offer could be made available under an overallotment option.
Shawbrook plans to make shares available to institutional investors in the UK, the United States and elsewhere, as well as to UK retail investors through the RetailBook platform.
Full details of the price range and size of the offer will be set out in a prospectus expected later in October, with the final pricing to be announced before the end of the month.
Shawbrook said it expects to achieve a sufficient free float to qualify for inclusion in the FTSE UK indices following admission.
In an update on trading, the group said its loan book rose to £18.3 billion as of 30 September, up from £17 billion at the end of June, supported by £1.5 billion of new lending and the recent acquisition of ThinCats, which added a £600 million loan book.
Customer deposits also increased to £17.6 billion from £16.7 billion over the same period.
Shawbrook, which focuses on specialist lending to small and medium-sized businesses and professional property investors, will report a fuller trading update on 13 November.