8th Apr 2015 07:49
LONDON (Alliance News) - Shares in bank Shawbrook Group PLC were trading higher Wednesday as open trading of its shares began following its initial public offering on April 1.
Shawbrook shares were up 0.2% to 302.75 pence on Wednesday morning, 4.4% ahead of its float price of 290 pence.
The lender's float was the second biggest IPO to reach the London market this year when it floated on April 1, only behind Auto Trader Group PLC's GBP2.35 billion float. It was pushed into third place last week, however, after BCA Marketplace PLC began trading following its reverse takeover by Haversham Holdings PLC. BCA's market capitalisation is around GBP1.22 billion.
Shawbrook's market capitalisation on admission was GBP796.8 million and, at its current share price, is now around GBP832 million.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Auto TraderBCASHAW.L