The initial public offering of Halkbank, the state-owned Turkish lender, priced at the top of its range to raise $1.9bn (€1.4bn), the largest flotation from the country.

Shares representing 25% of the total owned by the company were offered at 8.00 Turkish lira each, the top of the initial range of between 6.4 and 8 lira per share. The flotation has been well received despite reports last week that it would be called off.