THE parent company of Yorkshire Bank is expected to be worth up to £2bn when it floats on the London stock market next month.
CYBG – Clydesdale and Yorkshire Bank Group – is demerging from National Australia Bank (NAB) and 25% of its stock will be divested to institutional investors through an IPO. The remaining 75% will be held by NAB shareholders.
The proposed price range has been set at 175p-235p, which would give the group a market cap value of £1.54bn-£2.07bn. It would enter the FTSE 250 at the index’s first quarterly review after the float and on current values would be ranked between 154th and 186th most valuable company.
The final IPO price is expected to be announced on February 2, with the stock being admitted to the market on February 8.
A global marketing roadshow is taking place in London today for investors. NAB said it may still choose not to proceed with the IPO, or retain a shareholding and continue with a partial IPO.
National Australia Bank (NAB) bought Clydesdale Bank in 1987 and Yorkshire Bank in 1990 but has been wanting to offload its UK interests for several years.
