Metro Bank completes £400m fundraising ahead of flotation

Metro Bank has completed a £400m equity capital fundraise ahead of an initial public offering on the London Stock Exchange (LSE).

The UK retail and business bank said it raised equity capital from existing and new shareholders at a price of 2,000p per share.

Metro Bank will apply for the admission of its shares to the premium listing segment on the official list and to trading on the main market for listed securities of the LSE.

Conditional dealings in the company’s shares will commence on 7 March under the ticker MTRO.

“The capital raise we are completing will further support our growth plans and we look forward to listing on the LSE,” said founder and chairman Vernon Hill.

The lender has raised more than £1 billion of equity capital from shareholders to date.