Why TSB’s share price has jumped by 13pc on its first day June 20, 2014 On its first day of trading TSB shares have moved up by more than 13 per cent, buoyed by strong investor demand. Lloyds floated the bank at 260p per share, valuing the bank at £1.3bn. The sale was 10 times oversubscribed. For now, trading is only conditional – institutional investors are involved but none of [...]
TSB IPO: Lloyds raises the stakes on bank spinoff June 20, 2014 Lloyds is selling a bigger chunk of TSB than had been expected as the part-nationalised lender takes a bullish approach to spinning off the new challenger bank this morning. The bank is selling 35 per cent of TSB, more than originally expected thanks to a surge in demand. And with shares priced at 260p, firmly [...]
TSB IPO: What you need to know about the float and the new bank June 19, 2014 Strong demand from investors in TSB has led to Lloyds increasing the amount of stock it is offering in TSB. The volume on offer has been increased by 40 per cent on the first morning, with 175m shares offered to the public. Higher than expected interest is raising hopes that Lloyds will meet its target [...]
Foreign buyers push up price of TSB shares June 17, 2014 ENTHUSIASTIC American investors are helping to push TSB’s shares towards the top end of the price range, City A.M. understands. Such a strong result for the bank would represent a surprise success, as markets have suddenly turned cautious on initial public offerings in recent weeks. Lloyds is selling a 25 per cent stake in the [...]
Investors flood into TSB shares after low pricing June 9, 2014 Investors had placed orders for all of the TSB shares up for sale by yesterday evening, City A.M. understands. Yesterday morning the shares, amounting to 25 per cent of the new high street bank, were priced at between 220p and 290p each. The price would value the bank at between £1.1bn and £1.45bn, below the [...]
Lloyds prices TSB IPO below book value June 9, 2014 Lloyds Banking Group has announced that it’s pricing shares for TSB at between 220p to 290p. That’ll see the bank valued at £1.275bn, at the mid-point, when it floats on the stock market at the end of this month. The initial public offering will see 125m ordinary shares sold – 25 per cent of TSB’s [...]
Lloyds to pay for computer systems at TSB June 2, 2014 NEW HIGH street bank TSB will receive up to £450m from parent Lloyds if it decides to build new IT systems in future, under the terms of its listing on the stock market. Currently TSB is renting a copy of Lloyds’ systems, giving it a ready-made and comprehensive capabilities. The arrangement is thought to be [...]
How the Co-op’s botched deal has cut TSB out of half of the mortgage market May 27, 2014 New high street bank TSB can only access half of the mortgage market because it does not have the systems in place to sell through mortgage brokers, chief executive Paul Pester said today – and it is thanks to the Co-op’s botched attempt to buy the lender. As 40 to 50 per cent of [...]
Lloyds confirms float of TSB May 27, 2014 Lloyds Banking Group has confirmed plans to sell 25 per cent of lender TSB sometime next month, with the prospectus set to be published in mid-June. The offer will be available to institutional investors and to intermediaries. Retail investors will receive one free share for every 20 they buy, up to the value of £2,000, [...]
TSB plans to offer bonus shares to long-term investors May 27, 2014 NEW HIGH street bank TSB is expected to try to attract more long-term investors by offering a bonus for those shareholders who stick with the business. The lender is being sold off by Lloyds, and the details of the stock market flotation could be announced as soon as today. It wants the initial public offering [...]