AIB mulls overseas expansion drive

Shares in AIB slipped yesterday, on their first day of unconditional trading, but remained more than 7% ahead of the €4.40 price they floated at on Friday.

After strong early trading following the start of conditional trading at the end of last week, the shares opened yesterday at a price of €5.20. However, they closed their first full day’s trading on the Irish and London Stock Exchanges down nearly 9% at €4.74; albeit still 7% ahead of their IPO price.

The sale of between 25% and 29% of the State’s near total ownership in AIB is due to bring in around €3.4bn to the Government’s coffers, thanks to an over-allotment option available to investors in the sale.