June 20, 2017 / 5:01 PM / 3 months ago

AIB narrows IPO price range, book covered at upper end

DUBLIN, June 20 (Reuters) - Allied Irish Banks’ (AIB) has revised the price range for its stock market listing to between 4.20 euros to 4.60 euros with order books covered in the upper half of the new range, the bookrunner on the deal said on Tuesday.

The Irish government launched its long-awaited initial public offering of AIB in May and last week set a price range between 3.90 euros and 4.90 euros, planning to net between 2.6 and 3.3 billion euros from the sale of a 25 percent stake.

The pricing was revised after books were subscribed multiple times within the initial price range, the bookrunner said. Order books will close on Thursday with trading in the state-owned bank set to commence on Friday, it added. (Reporting by Padraic Halpin. Editing by Jane Merriman)

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