7th Mar 2016 08:19
LONDON (Alliance News) - UK retail and business bank Metro Bank's shares rose Monday, its first day of trading on the London Stock Exchange's Main Market.
Just after the market open, Metro Bank shares were at 2,170.00 pence, 8.5% above the high-street bank's initial public offering price of 2,000.00p.
Metro Bank had cut the size of its planned initial offering back in February following a sell-off of shares in the wider banking sector at the beginning of the year. It confirmed on Friday an IPO price of 2,000.00p down from its originally planned 2,400.00p, reducing the amount it would raise to GBP400 million from GBP500 million.
However, at the 2,000.00p price, the company still has a market capitalisation of around GBP1.60 billion, making it the largest IPO of the year so far in London, eclipsing CYBG, owner of the Clydesdale and Yorkshire retail banks, which had a market cap of GBP1.58 billion.
By Neil Thakrar; [email protected]; @NeilThakrar1
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Metro BankCYBG