Shawbrook Bank has announced the successful pricing of its initial public offering (IPO) of 75m Ordinary Shares at 290 pence per share.

Based on the offer price, Shawbrook’s market capitalisation will be approximately £725m on admission. The offer is expected to raise gross proceeds of approximately £90 million for the company.

Dealings will commence on the London Stock Exchange at 8.00am today under the ticker ‘SHAW’.

Admission to the premium listing segment of the official list is expected to take place at 8.00am on 8 April 2015.

Richard Pyman, chief executive officer of Shawbrook, said: “We are delighted that our initial public offering has been successfully received by investors and we welcome them to our business. Our focus remains on providing UK customers with a fresh, pragmatic approach to lending and savings whilst driving further growth by maximising opportunities in existing markets, capitalising on the embedded growth in our current loan book and developing a range of products to facilitate expansion into adjacent segments.

“We look forward to the next stage of our journey as Shawbrook continues to deliver on its strategy to become an increasingly well-known name in the specialist world of British banking.”