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Upstart UK Bank Shawbrook Valued At $1B In IPO

Law360, New York (April 2, 2015, 1:11 PM EDT) -- U.K. bank Shawbrook Bank PLC priced its initial public offering on Wednesday to value the private equity-backed upstart bank at £725 million ($1.07 billion), the latest specialist lender to go public to compete with the U.K.’s long dominant banks.

Shawbrook offered 75 million ordinary shares priced at £2.90 apiece in its IPO, representing about 30 percent of the company’s share capital. At that price, Shawbrook’s market capitalization stands at £725 million as it makes its debut on the London Stock Exchange, where its shares will start...
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