Citizens Financial IPO Priced Below Range

(RTTNews) - Royal Bank of Scotland (RBS, RBS.L) said Tuesday the initial public offering of Citizens Financial Group Inc was priced below the expected range at $21.50 per share. Citizens had initially expected the IPO to be priced between $23 and $25 per share.

At the price of $21.50 per share, the IPO raised about $3 billion.

RBS is selling 140 million shares in the IPO. Also it may further sell 21 million shares in an over-allotment option granted to the underwriters.

Shares of Citizens Financial are expected to start trading on Wednesday under the ticker symbol "CFG" on the New York Stock Exchange.

Citizens Financial is headquartered in Providence, Rhode Island. Citizens is a subsidiary of RBS, based in Edinburgh, Scotland. Following the financial rescue of RBS, the company's controlling shareholder is currently the British government.