More TSB shares sold on flotation

An additional 3.5 per cent of TSB is up for sale as part of the bank’s flotation, after its parent Lloyds successfully sold 35 per cent on Friday. The over-allotment takes place in initial public offerings when the share price rises - and TSB’s rose by around 13 per cent on its first day of trading on Friday. The extra shares mean up to 38.5 per cent of the bank is out of Lloyds’ hands. The over-allocation is managed by JP Morgan, which acts to stabilise the share sale.

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