Lloyds announces TSB IPO price range

9th Jun 2014 07:08

Lloyds Banking Group has confirmed the price range for the initial public offering (IPO) of TSB which has been set at between 220p to 290p per ordinary share.The expected offering size is 125m ordinary shares representing 25% of TSB's existing ordinary shares in issue, Lloyds said in a company statement.At the mid-point of the price range, TSB's market capitalisation would be approximately £1.275bn.Final pricing is expected to be announced on or around June 20th 2014, with conditional dealings in TSB shares beginning on the London Stock Exchange on the same day, Lloyds added.CJ