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Dutch lender NIBC's IPO priced at bottom end of range

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Dutch lender NIBC's IPO priced at bottom end of range

NIBC Holding NV set the final offer price for its IPO at €8.75 per share, the bottom end of its targeted price range, valuing the Dutch lender at €1.28 billion.

NIBC said March 22 that the offer comprises 36,577,203 shares, or about 25% of its issued share capital, to be sold by shareholders advised by U.S.-based private equity firm J.C. Flowers & Co. LLC. The offering's total size amounts to €320 million.

Assuming the full exercise of the overallotment option, the offering will consist of 39,302,204 shares, or 27% of NIBC's share capital, for €344 million. Listing and trading of the shares on Euronext Amsterdam commence March 23, while settlement of the offering and the start of unconditional trading are expected to take place March 27.

Citigroup Global Markets Ltd., Deutsche Bank AG's London branch and Morgan Stanley & Co. International Plc are acting as joint global coordinators for the offering, and alongside ABN Amro Bank NV and ING Bank NV as joint book runners.

NIBC Holding NV is the parent company of NIBC Bank NV.