UK lender Shawbrook Bank pops after London’s largest IPO in two years

Shawbrook Bank Ltd launched its initial public offering in London with shares priced at £3.70 each, valuing the business at about £1.92 billion (US$2.58 billion). Trading commenced with its share price jumping as much as 8 % in early Thursday trading, signalling strong investor demand for the UK’s biggest domestic IPO in two years. The flotation comes amid a cautious UK equity market but reflects appetite for diversified financial-services names. Underwriters managed the deal in a challenging macro-environment, emphasising Shawbrook’s niche in SME lending and secured credit.