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Lloyds’s TSB Said to Narrow IPO Range Toward Higher End

TSB Bank Plc, owned by Lloyds Banking Group Plc, has narrowed the price range for shares in its initial public offering to 250 pence to 270 pence, according to two people with knowledge of the matter.

The IPO will close for investors at midday London time on June 19 and has demand for all the shares offered, the people said, asking not to be identified while the deal is under way. TSB earlier had a price range of 220 pence to 290 pence apiece, valuing the bank at 1.28 billion pounds ($2.15 billion) at its midpoint.

TSB will be valued at less than its 1.5 billion-pound book value if it prices the stock at the midpoint of their original range, analysts said. Both ING Groep NV and Lloyds are selling shares in their units to meet European Union demands after they took state aid during the financial crisis.

Companies in London have raised about $16 billion in IPOs this year, making it the busiest first half since 2011, according to data compiled by Bloomberg. JPMorgan Chase & Co. is ranked first in managing the sales this year, the data show.

Shares of Lloyds rose 0.2 percent to 76.83 pounds at 1:45 p.m. in London. They have fallen 2.7 percent this year, compared with a 4 percent gain in the Bloomberg Europe Banks and Financial Services Index.

LLoyds’s shares should rise after the TSB sale and once the results of the June 26 Financial Stability Review are known, Exane BNP Paribas said in a note to clients today.

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