Lloyds: TSB Offer Price Range Set At 220 Pence To 290 Pence Per Ordinary Share

(RTTNews) - Lloyds Banking Group Plc. ( LLOY.L, LYG) Monday announced the price range for the IPO and the intention for TSB to publish, later today, the prospectus for the offer.

The price range for the offer has been set at between 220 pence and 290 pence per ordinary share.

The expected offering size is 125 million ordinary shares prior to any exercise of the 10 percent over-allotment option, representing 25 percent of TSB's existing ordinary shares in issue.

At the mid-point of the price range, TSB's market capitalisation would be approximately 1.275 billion pounds.

Final pricing is expected to be announced on or around June 20, with conditional dealings in TSB shares beginning on the London Stock Exchange on the same day.

Lloyds had announced its intention to float TSB on May 27.