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Allied Irish Banks shares jump 8% on London debut

Staff Writer |
Shares in Allied Irish Banks jumped following the start of trading on London's main market Tuesday after the state-owned lender's EUR3.00 billion initial public offering.

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The Irish government sold a 25% stake in the bank, or 678.6 million shares, at EUR4.40 each in the initial public offering.

This valued the IPO at EUR2.99 billion and the entirety of the bank at close to EUR12.00 billion. The IPO is the single largest in Europe so far this year.

Shares in Allied Irish Banks were up 7.9% at EUR4.78 in their debut in London on Tuesday.

The Irish government had decided to sell the 25% stake in May. It owned close to 100% of the bank after bailing out the lender back in 2009 and then nationalising the company in 2010.

In May, the then-Minister for Finance Michael Noonan said the bank's "strong progress" and current market conditions meant it was the right time to begin returning the lender to private hands.


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