UK lender One Savings Bank is seeking a valuation of between £500m ($848m) and £600m when it floats on the London Stock Exchange in June.
The company, created when US private equity group JC Flowers bailed out the struggling Kent Reliance Building to the tune of £50m in 2010, operates under the Kent Reliance, Interbay, Prestige and Heritable brands in the UK and Channel Islands.
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Andy Golding, chief executive of One Savings, said: "A stock exchange listing is the next natural step in the evolution of the business, providing us with access to the capital markets to enable us to invest for future growth."
One Savings Bank is aiming to raise around £41.5m from the IPO and says it will put the money towards improving its core tier 1 capital ratio.
The bank is looking to sell a 30% stake to institutional investors.
JC Flowers has a 97% stake in the company after following up the initial cash injection with £45m over the last three years and will be looking to sell a portion of that stake.
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By GlobalDataThe private equity group said it had yet to decide how many shares to sell, but industry figures expect it to retain a significant interest in One Savings Bank.
One Savings Bank has over 140,000 savings customers and also focuses on the specialist mortgage market, including buy-to-let.
"We dance in the gaps left by the other big players and are very focused on our markets", Golding said.
Bankers at Barclays, Canaccord, RBC and Macquarie are involved in the IPO process, with Rothschild taking an advisory role.
Also looking to float on the London Stock Exchange this year are TSB, Santander UK, Virgin Money, Aldermore and Shawbrook and Royal Bank of Scotland’s Williams & Glynn business.
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