Citizens Financial Climbs After Raising $3 Billion in IPO

Citizens Financial Group Inc., the U.S. subsidiary of Royal Bank of Scotland Group Plc, gained 7.3 percent after raising $3 billion in its initial public offering.

Citizens climbed to $23.08 in New York trading after the IPO priced at $21.50 a share. RBS sold 140 million shares below the marketed range of $23 to $25, according to a statement yesterday. That still makes Citizens the second-largest IPO in the U.S. this year after Alibaba Group Holding Ltd.’s $25 billion deal last week.