Novobanco plans IPO

Novobanco is sounding out banks to prepare an Initial Public Offer or IPO with the aim of becoming listed on the Lisbon stock market Euronext between the end of 2024 and the start of 2025.

The bank whose main shareholder is the US fund Lone Star and is headed by Mark Bourke, has kept up informal contacts with several banks with a view to structuring the listing operation according to the site Mergermarket quoting three sources close to the process.
The financial banking consultants for the process are likely to selected between the end of this year and the start of 2024 in what will likely become one of the largest IPOs in Lisbon in recent years.
The floatation of the Luz Saúde health group is likely to act as a weather vane to test market appetite and one of the Novobanco sources suggested that the free float would involve issuing over €2Bn in shares.
Lone Star, which has a 75% ownership of Novobanco, will have a deciding role in the latest chapter of the Portuguese bank that was founded in 2014 after the collapse of Banco Espírito Santo.
In October, CEO Mark Bourke had told employees of his intention to start a new chapter for the bank by floating it on the capital market.