Lender Shawbrook’s London IPO Said to Target About £400 Million

British specialty lender Shawbrook Group Plc’s initial public offering on the London Stock Exchange could raise about £400 million ($539 million), people familiar with the matter said, making it one of the largest UK companies to go public in the City since 2021.

The banking firm backed by BC Partners and Pollen Street said the offering would consist of new and existing shares, in a statement on Monday. The firm could seek a valuation of about £2 billion ($2.7 billion), the people said, asking not to be named as the matter is private.

The details of the offering ...