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Australia's NAB concludes Clydesdale IPO

Reuters - UK Focus

SYDNEY, Feb 3 (Reuters) - National Australia Bank Ltd on Wednesday announced the final price for the float of Clydesdale Bank Plc to institutional investors at 180 pence per share, saying this effectively concludes the demerger and IPO process.

NAB said the price implied a CYBG market capitalisation of approximately 1.538 billion pounds, or A$3.221 billion.

"We are pleased with the response from institutional investors to the IPO, including from NAB shareholders, despite the recent significant market volatility," NAB Group Chief Executive Officer Andrew Thorburn said in a statement.

Thorburn said the demerger and IPO of CYBG Plc will enable NAB to focus on its core markets in Australia and New Zealand.

NAB had delayed the float by 24 hours to update its listing prospectus after a request for more information from a rating agency. (Reporting by Ian Chua)