High street challenger Metro Bank is reportedly eyeing next month for a flotation, bolstered by demand from existing investors.
Metro Bank has not officially set a date for an initial public offering (IPO), but sources close to the bank have repeatedly said the challenger remains on course to list this year.
But the listing could happen sooner rather than later, as new reports indicate the bank’s board is targeting a flotation on 17 February.
Sky News reported today that top Metro Bank investors are confident in the challenger’s ability to raise £500m from the sale of new shares despite continued market turmoil which has seen significant value stripped off listed lenders and spooked investors.
Earlier this week, National Australia Bank (NAB) revealed Clydesdale would be valued £500m under expectations when it floats next month. NAB set a price range for its London listed shares at 175p to 235p, valuing the bank between £1.54bn and £2.07bn.
Metro Bank declined to comment.