Michael McGrath (Cork South Central, Fianna Fail)
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307. To ask the Minister for Finance the maximum percentage of a bank (details supplied) that may be sold in the planned forthcoming initial public offering; and if he will make a statement on the matter. [28351/17]

Michael McGrath (Cork South Central, Fianna Fail)
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308. To ask the Minister for Finance if he has set a minimum price per share and a minimum level of overall proceeds below which he will not proceed with the initial public offering of a bank (details supplied); and if he will make a statement on the matter. [28352/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 307 and 308 together.

As the Deputy will be aware, on 12 June, the price range was announced for the sale of AIB shares by way of an Initial Public Offering on the Irish and London stock exchanges. The expected price range for the offer has been set at between €3.90 and €4.90 per Ordinary Share, implying a market capitalisation for AIB on admission of between approximately €10.6 billion and €13.3 billion.

The Program for a Partnership Government allows for the sale of not more than 25% of any bank before the end of 2018 (plus any over-allotment option). As such, the intention is to proceed with a sale of 25% of AIB (plus an over allotment option - which may facilitate liquidity and smooth trading in the first 30 days after flotation - equal to another 15% of the total number of shares sold in the offer). The Prospectus associated with the Initial Public Offer was published on 12 June and includes the following figures which might be of assistance to the Deputy:

- Number of Ordinary Shares in issue on Admission: 2,714,381,238

- Expected maximum number of Offer Shares in the Offer: 678,595,310

- Expected number of Offer Shares in the Offer as a percentage of total number of Ordinary Shares in existence on Admission: Up to 25%

- Expected maximum number of Over-allotment Shares: 101,789,296

Assuming the over allotment option is exercised in full, the shares sold by the State would represent 28.75% of the total number of shares in existence on admission.

The full prospectus can be found on the AIB Investor Relations website at the follwoing link: