Lloyds sells more shares in TSB listing than originally expected

LONDON, June 20 Fri Jun 20, 2014 2:14am EDT

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LONDON, June 20 (Reuters) - Lloyds Banking Group said on Friday it will sell a 38.5 percent stake in TSB, more than originally expected in a stock market listing of the business, following strong demand from investors.

Lloyds has priced the initial public offering of the shares at 260 pence, towards the upper end of the indicated range, valuing the business at 1.3 billion pounds ($2.22 billion), equivalent to 0.8 times its book value. Thirty percent of the shares were sold to retail investors.

Conditional trading in the shares will begin later on Friday. ($1 = 0.5864 British Pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)