Price range announced for AIB shares

Finance Minister Michael Noonan announced the price range earlier today

Price range announced for AIB shares

Rolling News

The expected price of AIB shares has been announced by the Finance Minister Michael Noonan.

Noonan says they should float at between €3.90 and €4.90 per ordinary share. That values the bank at between €10.6bn and €13.3bn.

The government is planning on selling off 25% of AIB, with the flotation due to take place on the Dublin and London stock exchanges on June 23rd. 

The expected offer size is approximately 679 million ordinary shares, representing 25% of AIB’s existing ordinary shares in issue.

The offer consists solely of existing ordinary shares being offered for sale by the Minister for Finance.

Intermediaries Offer

The Department of Finance (DOF) said that members of the public in Ireland and the UK will be able to apply for ordinary shares in the intermediaries offer through a participating intermediary, with a minimum application size of €10,000 per investor.

An intermediaries offer means that shares are offered to financial institutions such as stockbrokers and then clients can apply to buy shares from them.

The DOF said investors wishing to participate in the intermediaries offer will need to be accredited clients of a participating intermediary by the 16th of June 2017.

Commenting on today’s announcement, The Minister for Finance said: "The time is right to move to the next stage in AIB’s IPO process as market conditions remain favourable and I am encouraged by the strong level of interest shown by investors in the offering to date."

"A successful transaction would represent an important milestone in our journey to dispose of our banking investments and ultimately recover all the money the Irish State has invested in AIB."