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£413m OneSavings Bank launches IPO
The specialist lending and savings group, OneSavings Bank, has been valued at approximately £413 million in regards to the launch of its Initial Public Offering.
The Global Offer is predicted to raise around £134 million for the company and OSB Holdco Limited.
Out of the funds raised by the float, around £41.5 million of the gross proceeds will go to OSB.
Andy Golding, Chief Executive of OneSavings Bank said: "We are very pleased with the success of our IPO and with the strong support that we have seen for OSB's shares from top tier investors.
“We are excited about the next phase of OSB's development and extremely confident that we have the right management and strategy in place to deliver long-term shareholder value, and a great customer proposition."
The offer price was set at 170 pence per ordinary share.
The commencement of unconditional dealings is expected to take place at 8.00am on 10 June 2014.
On the same day the bank’s premium listing segment of the Official List and trading on the Main Market of the London Stock Exchange is set to take place.
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