Challenger bank Shawbrook enjoyed a successful stock market debut yesterday, as its share price rose by as much as 6.5 per cent.
The lender joined rivals, including Virgin Money and Aldermore among recent floats in the sector.
Shawbrook’s shares priced at 290p, but rose as high as 308.75p in trading, before settling back to 302.5 at the close of the market.
The float price valued the bank at £750m. The initial public offering (IPO) comprised the sale of shares worth 30 per cent of the bank, and raised £90m in new funds for the business.
“We look forward to the next stage of our journey as Shawbrook continues to deliver on its strategy to become an increasingly well-known name in the specialist world of British banking,” said chief executive Richard Pyman as he welcomed the successful flotation.