Shares will be priced at 170p, right at the bottom of its range, valuing the group at around £413m. OneSavings is raising around £40m to help it increase its tier 1 capital.
The flotation is being led by Barclays, with Canaccord Genuity, RBC Europe, Macquarie and Rothschild all acting on the deal.
OneSavings is the first of a group of new retail banks due to float on the stock market this year, such as Royal Bank of Scotland’s Williams & Glyn’s and Lloyds Banking Group’s TSB.
Although JC Flowers, which holds the largest stake (set to remain around 30-35 per cent), may be disappointed not to get a higher price for the group’s shares, there will be some relief at the issue going ahead after the recent pulling of Fat Face’s IPO.