.jpg)
- Paul Pester, CEO, TSB Banking Group opens London trading
- IPO raises £455 million, valuing company at £1.3 billion
- 3rd bank to list in London in 2014
London Stock Exchange today welcomes TSB Banking Group to the Main Market. The company spun out of Lloyds Banking Group raised £455 million on admission, valuing the company at £1.3 billion. Paul Pester, TSB Banking Group CEO formally opened the market to celebrate the occasion.
The IPO is the latest to feature a significant allocation of shares to private investors. In total, 30 per cent of the company’s shares were allocated to individual investors.
TSB Banking Group is the 3rd bank to list in London in 2014. To date in 2014, there have been 69 IPOs on our markets, raising £10.37 billion – an increase of over 190 per cent on the same period in 2013.
John Millar, Head of Primary Markets, London Stock Exchange Group said:
“Private investors have a significant part to play in the financial markets and their participation in IPOs should be encouraged. Benefits include more diversified shareholder bases and increased secondary market activity, adding to the liquidity of stocks. We are delighted to welcome TSB Banking Group and new investors to our markets today.”
Paul Pester, CEO, TSB Banking Group said:
“The journey to build TSB, with the aim of bringing more competition to UK banking and better banking for UK consumers, has brought us a long way. In the first four years of our journey we’ve moved from a “blue print” for the bank, through the build and to the launch of TSB Bank on Britain’s high streets in September last year.
“Today is another great milestone for us as shares in TSB Banking Group are admitted to trading on the London Stock Exchange. Today is also the day when each of TSB’s employees receives shares in TSB Banking Group, making all of our people true Partners in the business.”
