National Australia Bank Prices CYBG IPO at 175P-235P
January 18 2016 - 3:15AM
Dow Jones News
By Ian Walker
LONDON--National Australia Bank Ltd. (NAB.AU) has set a price
for its initial public offering of CYBG PLC, the holding company of
Clydesdale Bank PLC and Yorkshire Bank, valuing the U.K. group at
1.54 billion pounds ($2.22 billion) to GBP2.07 billion.
Shares in CYBG, slated to start trading Feb. 2 on the London
Stock Exchange, have been priced at 175 pence to 235 pence each,
the Australian bank said on Monday.
National Australia Bank plans to sell 219.83 million CYBG
shares, or 25% of its issued share capital in the IPO. However, it
cautioned that it could elect not to proceed with the IPO or to
proceed only with a partial IPO, in which case it will retain a
shareholding in CYBG.
The demerger of NAB's U.K. business isn't conditional on the IPO
proceeding, but the IPO is conditional on the demerger going ahead,
the bank said.
NAB had said back on Nov. 27 that it was planning a demerger of
CYBG and stock sale to institutional investors.
Write to Ian Walker at ian.walker@wsj.com
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(END) Dow Jones Newswires
January 18, 2016 03:00 ET (08:00 GMT)
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