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Market conditions encouraging for Allied Irish IPO - minister
May 9, 2017 / 7:29 PM / 6 months ago

Market conditions encouraging for Allied Irish IPO - minister

DUBLIN (Reuters) - Ireland’s finance minister will decide in the coming weeks whether to press ahead with a long-awaited initial public offering (IPO) of state-owned Allied Irish Banks (AIB), he said on Tuesday, adding that market conditions are encouraging.

FILE PHOTO: Irish Minister for Finance Michael Noonan takes part in a euro zone finance ministers meeting in Brussels, Belgium March 20, 2017. REUTERS/Yves Herman/File Photo

The Irish government has appointed several banks to act as bookrunners and global coordinators for the potential sale of a 25 percent stake in AIB and Michael Noonan has said the nearest window to sell the shares runs from mid-May to early July.

“As we look at stock markets today, conditions are encouraging, with bank stocks generally trading positively and my officials inform me that the Irish macroeconomic story is resonating well with international investors,” Noonan told parliament.

“However, we have made no decision yet to proceed, and I will make this call in the coming weeks, based on advice from my officials, our banking syndicate and our independent financial adviser Rothschild.”

Reporting by Padraic Halpin; Editing by David Goodman

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