Shares in Clydesdale Bank rose as much as 2.4% today in their London debut, valuing the nearly 180-year-old British lender at about £1.62 billion.
Clydesdale shares were priced at 180 pence on Monday in a spin off by National Australia Bank, Australia's biggest lender by assets.
The British lender's shares were priced towards the lower end of a 175-235 pence indicative range, which some analysts had considered "aspirational" given recent falls in share markets.
NAB, which bought Clydesdale in 1987, had earlier said it would sell 25% of the unit in the IPO and float the rest to its shareholders. Its CEO is the former chief executive of AIB, David Duffy.
Clydesdale, which traces its roots to Victorian Glasgow, was expected to begin trading yesterday.
But the listing was postponed as the bank had to update its listing prospectus after a request for more information from an unnamed rating agency.
NAB had said the request could result in a downgrade of the Clydesdale's deposit rating, and that the rating could also be placed on credit watch.
