FTSE 100 Live: Shawbrook confirms IPO; Aston Martin hit by tariffs

Good morning from the City AM liveblog team.

After a worryingly-long drought, the London IPO market roared back to life this morning following a shot in the arm last week.

Shawbrook has kicked off the week putting the City on the front foot after confirming intentions of a float. It’s a major boost, one that could injected £2bn of capital into the ailing market – should the listing meet expectations.

It also follows on from Fermi’s dual listing in New York and on the London Stock Exchange, which was the UK’s largest by offering size this year and the biggest by market capitalisation since September 2020.

The record-breaking float is thought to be the first concurrent dual listing on Nasdaq and in London since Cambridge semiconductor firm ARM Holdings in 1998.

A dual UK-US listing could become the standard for IPOs of global firms on both sides of the Atlantic, the boss of Fermi told City AM.

Shares in Beauty Tech Group, the owner of at-home skincare device brands including CurrentBody, ZIIP Beauty and Tria Laser, rose on their first day of trading in London on Friday.

The Cheshire-based firm priced its IPO at 271p a share, giving it a market value of around £300m.

Last week, the FTSE 100 sealed a batch of fresh records and closed the week at 9,491.25 – a near 0.7 per cent gain in Friday’s session. Over the last five days the blue-chip index has climbed 2.22 per cent.

Will there be more records to come in the week ahead?

Here’s a summary of our top headlines over the weekend:

• Net zero banking group abandons operations after member exodus
• Frasers Group chairman urges Unite to avoid ‘reckless’ strike
• JD Wetherspoon: Profit rockets as Tim Martin takes jab at tax rises
• OBR hands Rachel Reeves first damning pre-Budget report on UK economy
• London Luton Airport: Profit more than doubles ahead of expansion 
• Mahmud Kamani-backed vertical farm collapses after failing to find a buyer