Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, September 24, 2014

RBS's Citizens Financial makes a tepid market debut, (NYSE: RBS)

Shares of Citizens Financial Group Inc , the U.S. unit of Royal Bank of Scotland Group Plc , rose as much as 3.5 percent in their market debut, valuing the lender at about $12.5 billion in the biggest U.S. bank IPO since the financial crisis.The offering, which raised $3.01 billion for RBS, is also the second biggest in the United States this year after Alibaba Group Holding Ltd's $25 billion IPO last week.Citizens' shares were up 2.6 percent at $22.04 after about 30 minutes of trading, underscoring tepid appetite for offerings by financial firms in an otherwise hot U.S. IPO market. Alibaba's stock popped 38 percent in its first day.RBS, which is 80 percent owned by the British government, had originally planned to sell the shares at between $23 and $25, but ended up selling them for $21.50 each.

The Royal Bank of Scotland Group plc (RBS) is a holding company of a global banking and financial services group. Shares of RBS traded higher by 1.3% or $0.152/share to $11.84. In the past year, the shares have traded as low as $9.80 and as high as $12.47. On average, 955489 shares of RBS exchange hands on a given day and today's volume is recorded at 482886.