June 27, 2017 / 7:23 AM / a month ago

Shares in Allied Irish open above IPO price in market debut

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DUBLIN, June 27 (Reuters) - Shares in Allied Irish Banks (AIB) opened over 8 percent higher in their market debut on Tuesday after the government sold a 25 percent stake in a 3 billion euro ($3.4 billion) listing.

Shares opened at 4.76 euros in Dublin, above the initial public offering (IPO) price of 4.40 euros. Shares also began trading in London where the deal was the biggest IPO by market capitalisation in almost six years.

The size of the IPO will rise to 28.75 percent if demand proves strong following the debut, after the government included a greenshoe, or over-allotment, option. The increase would add another 400 million euros to state coffers. (Reporting by Padraic Halpin; Editing by Mark Potter)

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