Sunday 20 August 2017

Price range for AIB's initial public offering narrows due to 'strong appetite for deal'

Stock image
Stock image

Gretchen Friemann

The price range on AIB's initial public offering has narrowed to between €4.20 to €4.60 per share following strong appetite for the deal at the low end of the initial valuation range, according to a term sheet sent to investors.

News of the revised price target comes as bankers on the float prepare to close the books on retail orders.

The Government sell-down of a 25pc stake, or 679m shares, was initially priced at €3.90 to €4.90 per share.

However shortly after the books opened investors were told to bid above the floor price.

Bankers to the deal now have demand to cover the mid-point of the revised range or €4.40 per share.

AIB's shares will return to normalised but conditional trading on the Irish and UK stock exchanges on Friday. Fully unconditional trading commences on Tuesday.

Online Editors

Also in Business