LONDON, June 17 (Reuters) - Lloyds Banking Group has narrowed the price range for its stock market listing of TSB Banking Group IPO-TBS.L to between 250 pence and 270 pence, sources familiar with the matter told Reuters on Tuesday.
One of the sources said that the initial public offering (IPO) was “well-oversubscribed” at that price range.
Lloyds had initially priced the sale of a 25 percent stake in TSB at between 220 pence and 290 pence per share, equivalent to between 0.7 and 0.9 times its book value.
The bottom end of the new range values the business at 1.3 billion pounds or 0.8 times book value.
Reporting by Vikram Subhedar and Matt Scuffham; Editing by Steve Slater