National Australia Bank will receive $805 million from the partial initial public offering (IPO) of UK subsidiary Clydesdale Bank.
The final offer price announced on Wednesday is STG1.80 ($3.68) per share, which was toward the lower end of the initially stated range of STG1.75 to STG2.35.
The pricing values the underperforming UK unit at $3.22 billion.
NAB shares closed down 5.6 per cent to $26.36 against a backdrop of a broader 2.59 per cent decline in the S&P/ASX200 financials, but shareholders are effectively being compensated by receiving one Clydesdale share for every four NAB shares they own.
Stripping that out would put NAB's $1.62 decline roughly in line with that of ANZ and Westpac, which were down 71 and 73 cents respectively.
NAB is handing 75 per cent of the demerged Clydesdale business, which has been a drag on performance for years, to its shareholders.
It is floating the remaining 25 per cent on the London Stock Exchange.
"The successful conclusion of the demerger and IPO of CYBG is a significant milestone for NAB that will enable us to pursue our own focused strategy in our core markets in Australia and New Zealand," NAB chief executive Officer Andrew Thorburn said in a statement on Wednesday.
NAB has delayed the IPO by 24 hours to update its listing prospectus after a request for more information from a rating agency.
In a release to the Australian Stock Exchange after the market had closed on Tuesday, the Australian lender said Clydesdale received a request from an unnamed rating agency that could result in a downgrade of the bank's deposit rating.
Clydesdale is expected to start trading in London on Wednesday evening (AEDT) and on the Australian Stock Exchange on Thursday.