Citibank's underwriters, led by Salomon Brothers Inc., priced the initial public offering of AMBAC Inc. yesterday evening at $20 per share, according to syndicate sources.

To get the deal done, Citibank lowered the asking price from an original low of $22.50. The pricing brings the total capital raised by Citibank for the 50.3% stake to $352 million, far less than the $396 million initially envisioned.

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