British lender Metro Bank cuts IPO price

A logo is seen on the outside of a branch of Metro Bank in central London July 28, 2010. REUTERS/Toby Melville

(Reuters) - British lender Metro Bank Plc IPO-METRO.L is cutting the price of its initial public offering by about 17 percent, a company spokesman said.

Metro is lowering the offer price to 20 pounds per share from 24 pounds and aims to raise 400 million pounds, compared with the 500 million pounds it was expected to raise earlier, he said.

The listing on the London Stock Exchange is expected to be completed in early March, the company said in a communication to shareholders on Tuesday.

The Financial Times was the first to report the news. (

Metro is yet to report a yearly profit and will be valued at 1.6 billion pounds at the lowered price, the FT reported.

Reporting by Ismail Shakil in Bengaluru; Editing by Anil D’Silva