Ashurst has advised OneSavings Bank plc ("OSB"), the specialist lending and savings group, on its successful £134 million initial public offering ("IPO") on the Main Market of the London Stock Exchange. OSB was formed in 2011 following the recapitalisation of the Kent Reliance Building Society by funds advised by J.C. Flowers. OSB serves customers in the UK, Jersey and Guernsey and focuses its specialist lending activities on selected sub-sectors of the lending market.

The IPO comprises a new issue of approximately 24 million ordinary shares at an issue price of 170 pence per ordinary share and the sale of approximately 54 million shares by its major shareholder OSB Holdco Limited, a company controlled and majority owned by private equity house JC Flowers. Based on the issue price, the market capitalisation of the Company at Admission was approximately £413 million.  The IPO has raised total gross proceeds of £134 million. Admission to the premium listing segment of the Official List and trading on the main market for listed securities of the London Stock Exchange became effective at 8.00 a.m. on 10 June 2014.

The Ashurst team was led by corporate partner Jonathan Parry, assisted by senior associate Dominic Ross and associate Sonica Tolani. Partner Ray Fisher led the US team, assisted by associate Rodrigo Romero Hidalgo. Senior associate Jake Green and counsel Stephen Diosi advised on regulatory and employment/incentives matters, respectively. Partner Richard Palmer and senior associate Philippa Michie assisted on tax-related matters. Counsel Caroline Chambers also assisted on the deal.