Shares in Allied Irish open above IPO price in market debut
Shares in Allied Irish Banks (AIB) opened over 8 per cent higher in their market debut on Tuesday after the government sold a 25 per cent stake in a 3 billion euro (£2 billion) listing.
Shares opened at 4.76 euros (£3) in Dublin, above the initial public offering (IPO) price of 4.40 euros (£3.87). 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 per cent 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 (£351 million) to state coffers.