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Allied Irish Banks prices EUR3 billion IPO in London, Dublin

Staff Writer |
The Irish government has priced its initial public offering of Allied Irish Banks, ahead of the bank's admission to the Irish and London stock exchanges next week, setting it to raise around EUR3 billion in the flotation.

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Ireland's Minister for Finance Michael Noonan detailed plans to sell around 25% of Allied Irish Banks at the end of May, at that time citing the government's policy to exiting banking investments and returning ownership to the price sector.

Noonan said then that the bank's strong progress meant it was not the "right time" to begin that process.

The pricing of the offer has been set at EUR4.40, meaning the initial public offering of 678.6 million shares will be worth around EUR2.99 billion.

The company will not issue any shares as part of the IPO and so will not receive any proceeds from the offer.

Shares in Allied Irish Banks will be cancelled from trading on the Enterprise Securities Market of the Irish Stock Exchange as of 0800 BST on Friday, and the stock is expected to be admitted to trading on the main markets of the Irish and London exchanges next Tuesday.

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