LONDON: Shawbrook Group plc, the high-growth, high-return UK digital banking platform, announces that it is considering an initial public offering (IPO) for admission of its ordinary shares to the equity shares category of the Official List of the FCA and to trading on the Main Market of London Stock Exchange plc.
Shawbrook highlights
• Shawbrook is a differentiated UK digital banking platform, combining scale and diversity across large and growing markets, sophisticated underwriting and credit excellence, next-generation technology and data capabilities, an entrepreneurial culture and selective, value-accretive M&A to deliver high-growth and high-returns at scale.
• As a result of Shawbrook’s unique strengths, the Group has established a proven track record of delivering high growth and high returns. From 31 December 2013 to 30 June 2025, the Group grew its loan book1 significantly from £1.4 billion to £17.0 billion, whilst simultaneously delivering growth in its underlying profit before tax at a compound annual growth rate (“CAGR”) of 30 per cent. and a 20 per cent. median adjusted return on tangible equity.2
• Since its founding, Shawbrook has built scale and a diversified product suite in carefully selected market segments, from structured credit facilities for both fast-growth and established businesses to mortgages for professional landlords, property investors, and individual homeowners with more complex income and credit profiles, as well as motor finance in the specialist mass market and high-end luxury segments, all underpinned by underwriting excellence, data-driven risk management, and next generation technology.
• Shawbrook serves a significant and growing total addressable market (“TAM”) of approximately £296 billion in loan stock3 with lending products that support the UK economy. The Group has leveraged its differentiated customer proposition to grow its estimated share of lending stock over time and the Group estimates that, as at 31 December 2024, it had an average market share of its TAM of approximately 5 per cent. of loan stock and 7 per cent. of new lending flows. Maintaining a higher share of new lending flows than its current share of existing loan stock in a given market should naturally grow Shawbrook’s share of the loan stock as it wins a greater share of new originations and existing loans are repaid.
• The Group has technology at its core and has built a well-invested, efficient and scalable digital platform that is purpose-built to deliver strong risk management capabilities and excellent customer experiences to support agile and efficient growth. Significant investment in the Group’s technology capabilities since 2017 has transformed the Group into a digitally enabled bank which is able to drive growth at low incremental costs.
• Credit excellence is a core part of Shawbrook’s model, combining deep human expertise in its selected markets with next generation technology and data capabilities to deliver sophisticated underwriting. This enables Shawbrook to price risk appropriately and pursue diverse growth opportunities within a disciplined risk framework, which has supported its long-term track record of low loan losses. From 1 January 2013 to 30 June 2025, the Group had a median cost of risk of 47 basis points, and incurred net write offs of just £243 million on cumulative loan originations of £37 billion.
• Shawbrook is led by an experienced, entrepreneurial and innovative management team, with a combination of expertise in specialist lending, financial markets, technology and data, risk management and institutional and regulatory banking that fosters innovation and attracts exceptional talent.
• Shawbrook has a strong track record of value-accretive, selective M&A. The Group has a proven ability to identify, acquire and supercharge lending platforms, making M&A a key strategic advantage. Shawbrook has completed 24 M&A transactions, adding capabilities and expanding its TAM.4 Most recently, this includes the Group’s acquisition of ThinCats Group Limited (“ThinCats”), a leading UK FinTech specialist lender to SMEs, which was completed on 30 September 2025. Shawbrook is well placed to lead further consolidation in the market given its active pipeline of potential M&A opportunities and its proven ability to identify, acquire and supercharge lending platforms.
• The Group aims to continue its trajectory of high-growth and high-returns, with a target to almost double the size of its loan book5 to approximately £30 billion by the end of its financial year ended 31 December 2030 (the “30 by 30 Target”). Over the medium term,6 the Group’s ambition is to achieve mid-to-high teens growth per annum in underlying profit before tax and an adjusted return on tangible equity in the high teens7.
Marcelino Castrillo, Chief Executive Officer, said:
“When Shawbrook was founded, we saw that large parts of the UK economy were unable to access the capital needed to grow. Since then, we have created a scaled and diversified banking platform, combining next generation technology with deep human expertise, that makes us uniquely placed to provide our customers with the flexibility, speed and certainty they need.
“The strength of our platform has enabled us to deliver a long track record of sustainable, profitable growth through a wide variety of macro conditions. We have transformed the size of our loan book as we’ve won share, entered new markets and expanded our capabilities through strategic acquisitions; we have built a trusted and attractive savings proposition that provides us with a stable and scalable funding base; and the significant investment in our digital platform provides excellent risk management capabilities and strong operating leverage.
“Looking ahead, we are as excited as we have ever been. We have achieved real scale, and our current markets are large and growing, supported by attractive tailwinds. We also see a significant opportunity to bring Shawbrook’s offering to new types of customers. The entrepreneurial spirit that has driven our growth remains at the heart of how we operate and we have ambitious plans for the future. An IPO would mark an important milestone in our journey.”
Potential offer highlights:
Should Shawbrook proceed with an IPO, the current expectation is that:
• The Company’s Shares would be admitted to the equity shares (commercial companies) category of the FCA’s Official List and to trading on the Main Market of the London Stock Exchange.
• The Offer would comprise new Shares to be issued by the Company and existing Shares to be sold by the Company’s existing sole shareholder, Marlin Bidco Limited.
• The Offer would be made to qualified institutional buyers in the United States in reliance on Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”) and to certain institutional investors in the United Kingdom and elsewhere outside of the United States in reliance on Regulation S under the Securities Act.
• The Offer would also be made to retail investors resident in the United Kingdom only (in reliance on Regulation S under the Securities Act) through Retail Book Limited’s (“RetailBook”) partner network of investment platforms, retail brokers and wealth managers, subject to such partners’ participation in the Offer (the “Retail Offer”).
• Any additional details in relation to the Offer, together with any changes to corporate governance arrangements, would be disclosed in a Confirmation of the Intention to Float announcement and/or in a Prospectus, if and when published.
• Immediately following Admission, the Company would have a free float of at least 10 per cent. of its issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices.
• The Company has engaged Ardea Partners International LLP as financial adviser, Goldman Sachs International as Sponsor, Joint Global Coordinator and Joint Bookrunner, Barclays Bank PLC as Joint Global Coordinator and Joint Bookrunner, and Stifel Nicolaus Europe Limited (trading as KBW), Deutsche Bank AG, London Branch (trading as Deutsche Numis) and UBS AG, London Branch as Joint Bookrunners.
The Company intends to publish today a Registration Document, a copy of which will be uploaded to the National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism once approved by the FCA. A copy of the Registration Document will also be available online at https://www.shawbrook.co.uk/investors/, subject to certain access restrictions.
More information on how to participate in the Retail Offer, if made, as well as how to sign up for notifications concerning any Retail Offer, will shortly be made available here: https://www.retailbook.com/EITF/shawbrook.