12 June 2017
McCann FitzGerald advises AIB on IPO
On 30 May 2017, the Minister for Finance announced his intention to proceed with an initial public offering (“IPO”) of Allied Irish Banks, p.l.c. (“AIB”) by selling up to 25% of AIB’s issued ordinary shares to institutional and retail investors. The IPO includes the admission of all of AIB’s ordinary shares to the Official Lists of the Irish and London Stock Exchanges and the cancellation of AIB’s existing listing on the Enterprise Securities Market (ESM).
AIB issued a price range prospectus on 12 June 2017 indicating a price range of between €3.90 and €4.90 per ordinary share, implying a market capitalisation for AIB on admission of between €10.6 billion and €13.3 billion. Admission is expected to occur and unconditional dealings in AIB ordinary shares on the Irish and London Stock Exchanges are expected to commence on or around 27 June 2017.
McCann FitzGerald is acting for AIB on the proposed IPO.