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Lloyds sets TSB share sale price range

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Lloyds will price its initial public offering of TSB at between 220p and 290p per ordinary share, with the float set for 20 June.

The IPO, which will give TSB a market cap of approximately £1.275bn, will see 125m shares allotted, equivalent to 25 per cent of TSB’s existing ordinary shares.

The price is below TSB’s net asset value of £1.6bn, according to Reuters, reflecting a cooling of the UK IPO market in recent weeks.

Lloyds is required by European regulators to sell the 631 TSB branches by the end of 2015, as a condition of receiving state aid amid the financial crisis five years ago.

The sale is expected to be the first of several tranches.

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