June 21, 2017 / 8:32 PM / 2 months ago

AIB further narrows IPO price range to 4.30-4.50 euros

FILE PHOTO: People walk past a branch of the AIB bank on Merrion Row in Central Dublin November 21, 2010.Cathal McNaughton/File Photo

DUBLIN (Reuters) - Allied Irish Banks' (AIB) (ALBK.I) has further revised the price guidance for its stock market listing to between 4.30 euros (£3.79) to 4.50 euros with order books covered throughout the range, the bookrunner on the deal said on Wednesday.

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The price range was narrowed to 4.20 euros to 4.60 euros on Tuesday when order books were covered in the upper half, indicating that the Irish government was set to net at least 3 billion euros from the sale of a 25 percent stake.

The bookrunner said on Wednesday that it expected retail investors would be allocated 10 percent of the deal. Order books for institutional investors will close on Thursday at 1100 GMT with trading in the state-owned bank set to commence on Friday.

Reporting by Padraic Halpin; Editing by Elaine Hardcastle

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