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Jim Cramer Says the Citizens Financial Group IPO Fell Flat on Pricing

Citizens Financial Group, the spinoff of Royal Bank of Scotland, failed to excite investors Wednesday in its debut as a publicly traded company.
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Citizens Financial Group, the spinoff of Royal Bank of Scotland, failed to excite investors Wednesday in its debut as a publicly traded company. Cramer says the weak demand was due to the pricing. He says they could have made this deal work with a price of $18 or $19, which would've put it at a nice discount. Instead they priced it in-line with all the other regional banks which means it's not a great opportunity because no one is going to sell one regional bank to get another regional bank if it isn't at a discount. Cramer says it's a good bank but the price doesn't motivate him to buy. The stock is trading under the ticker symbol 'CFG'.

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