Citizens Financial priced its initial public offering, the biggest since the financial crisis, at $21.50 a share, below the range of $23 to $25 that RBS had stated earlier this month. Citizens Financial raised slightly more than $3 billion in the IPO, less than the $3.5 billion RBS had targeted. The IPO values Citizens Financial at $12 billion.
Nearly 50 million Citizens Financial shares had changed hands as of 12:35 p.m.
Watch the video below to get Jim Cramer's take on the Citizens Financial IPO: