LONDON, June 20 (Reuters) - Lloyds Banking Group said on Friday it will sell a 38.5 percent stake in TSB, morethan originally expected in a stock market listing of thebusiness, following strong demand from investors.
Lloyds has priced the initial public offering of the sharesat 260 pence, towards the upper end of the indicated range,valuing the business at 1.3 billion pounds ($2.22 billion),equivalent to 0.8 times its book value. Thirty percent of theshares were sold to retail investors.
Conditional trading in the shares will begin later onFriday. ($1 = 0.5864 British Pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)