Allied Irish Banks Plc's long-awaited IPO may take place in May or June, The Irish Times reported Jan. 26, citing Irish Finance Minister Michael Noonan.

The Irish government plans to sell a 25% stake in the 99.8% state-owned bank.

The news came weeks after the country's department of finance appointed Bank of America Merrill Lynch, Davy and Deutsche Bank as global coordinators for the planned IPO.

Previously, Noonan had said in May 2016 that the IPO of AIB is likely to take place in the first half.