Bloomberg reported Lloyds had the buyers set after it offered the stock to investors at a discount. Investors ordered all the shares, as well as additional shares for an overallotment, on the first day of the IPO, according to to the report.
The offering values TSB at $2.15 billion, or 1.28 billion pounds, which is less than the book value of 1.5 billion pounds.
The stock traded just below its Monday closing price of $5.33 on Tuesday morning, but the volume surged and the stock climbed above that figure to a high of $5.36 for the day as of 12:33 p.m. Lloyds was flat at $5.33 as of that time.
TheStreet Ratings team rates LLOYDS BANKING GROUP PLC as a "hold" with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate LLOYDS BANKING GROUP PLC (LYG) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and disappointing return on equity."