LONDON (Reuters) - Allied Irish Banks’ (ALBK.I) stock market listing has been fully subscribed, including the greenshoe option, its bookrunner said on Tuesday, in a sign of investor demand for what is set to be one of Europe’s biggest bank flotations since the 2008 financial crisis.
The price range for the initial public offering was set on Monday between 3.90 euros and 4.90 euros. AIB plans to raise up to 3.3 billion euros (2.91 billion pounds) when it sells a 25 percent stake on the Dublin and London stock markets later this month.
The float is expected to be one of the largest IPOs on Britain’s main stock market in two decades and is seen as a test of whether the Irish banking sector has redeemed itself in the eyes of investors.
Dublin rescued the bank in a 21 billion euro taxpayer bailout that began in early 2009 and the government has been considering cashing out some of its 99.9 percent stake since last year.
The landmark deal is also a test of investor appetite in volatile conditions for IPOs. London has had few large listings this year and there were a string of cancelled flotations in the second half of 2016 after Britain’s vote to leave the European Union.
The final offer price for AIB, which returned to profit three years ago, is expected to be announced on or around June 23.
Reporting by Dasha Afanasieva. Editing by Jane Merriman