Published: 09:00, 05 June 2014 |
Updated: 12:43, 05 June 2014
The former Kent Reliance Building Society has floated on the London Stock Exchange with promising early signs from investors.
Chatham-based OneSavings Bank announced an initial share price of 170p per share this morning, which valued the lender at £413m.
The initial public offering (IPO) is expected to raise about £134m for private equity owners J.C. Flowers & Co, which rescued Kent Reliance with a £50m cash injection in 2011.
The company – which still trades under the Kent Reliance brand – is expected to receive about £41.5m in proceeds from the flotation.
Shares opened at 172p and in early trading, their price had risen 4.7% to 178p, as of 7.13am.
The lender is the first of a new group of retail banks joining the London Stock Exchange this year, with the likes of Royal Bank of Scotland’s Williams & Glyn’s and Lloyds Banking Group’s TSB set to follow.
The conditional dealings today have been led by Barlcays Bank, with Canaccord Genuity, RBC Europe, Macquarie and Rothschild also trading.
OneSavings Bank chief executive Andy Golding said: “We are very pleased with the success of our IPO and with the strong support that we have seen for OneSavings Bank’s shares from top tier investors.
“We are excited about the next phase of OneSavings Bank’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.”
Every morning at 10am we play you an hour of tunes from the 90s. We call it, #WeLoveThe90s.
Play 'Say It' with Garry and Laura on kmfm Breakfast and you could win £1,000!
Wake up to kmfm Breakfast with Garry and Laura - it's Kent's alarm call.
A guide for your future. For year 11 students in Kent and Medway. Click here for the e-edition.
Education, Training & Childcare is a special supplement published by KM Media Group four times a year. Click here for latest e-edition.
Get the latest food and drink news, recipes from some of the nation's top chefs plus updates from Kent's vineyards and breweries.
Search in your local area to find your perfect partner in Kent, with FreshStart Dating! PLUS, register for free!.
Neil Miller, Hever Castle head gardener is new gardening blogger.
Buy pictures that you've seen in a KM newspaper, or send in a picture and we will place it on our photo sales website so that you can purchase a super, unique gift.