Private equity firms BC Partners and Pollen Street are preparing to return Shawbrook to the public markets through a London IPO that could value the specialist lender at up to £2bn ($2.7bn), Reuters reports.

Bookrunners have reported that the offering is already covered across its full price range, including the over-allotment option, indicating robust investor appetite for the deal, one of the city’s largest listings in years.

Marlin Bidco, the vehicle jointly controlled by BC Partners and Pollen Street, is set to sell between 79.9 million and 81.1 million existing shares, while Shawbrook will issue £50m in new shares. An additional 14.1 million shares may be sold under the over-allotment option. The price range has been set between 350 and 390 pence per share.

The IPO marks Shawbrook’s return to the London Stock Exchange after the bank was taken private by its current owners in 2017. It also signals a potential turning point for UK listings following a period of muted activity, as regulators’ efforts to revive the market begin to gain traction.

Over the past two years, BC Partners and Pollen Street have explored several strategic options for Shawbrook, including potential tie-ups with Metro Bank and Co-op Bank. Trading in Shawbrook’s shares is expected to commence on 4 November, subject to admission.

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