(Reuters) - Georgia's TBC Bank has set the price for an initial public offering (IPO) of global depositary receipts to be traded in London at $13, valuing the company at around $640 million.

In a statement on Friday the bank said the total size of the transaction was $238.7 million excluding shares offered as part of an over-allotment option.

The final price came in at the bottom of $13 to $16 price range set in May.

The bulk of the deal proceeds goes to a group of selling shareholders which includes the World Bank's International Finance Corporation, the European Bank for Reconstruction and Development, Germany's DEG investment corporation, JPMorgan and investment manager Ashmore.

Proceeds for the bank from the sale of new shares amount to around $96 million which it will put towards growing its business.

Barclays and UBS acted as joint global coordinators on the sale. (Reporting by Chris Vellacott. Editing by Steve Slater)