Opus Bank prices IPO
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16 Apr 2014
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Opus Bank announced that it has priced its initial public offering of 5,125,864 shares of common stock at a price to the public of USD 30 per share. In the offering, Opus Bank will sell 2,801,848 shares, while selling shareholders will sell 2,324,016 shares. In addition, the underwriters have a 30-day option to purchase up to an additional 768,879 shares of common stock from Opus Bank and the selling shareholders at the initial public offering price less the underwriting discount. The shares of Opus Bank’s common stock are expected to begin trading on The Nasdaq Global Select Market on April 16, 2014 under the ticker symbol OPB. The offering is expected to close on April 22, 2014, subject to the completion of customary closing conditions. The net proceeds of this initial public offering to Opus Bank are estimated to be approximately USD 76.3 million, after deducting the underwriting discount and estimated offering expenses, prior to any exercise of the underwriters’ option to purchase additional shares. Opus Bank intends to use the net proceeds that it receives from the offering to support its growth in the western U.S. region, as well as for general corporate purposes and a contribution to the Opus Community Foundation. Opus Bank will not receive any proceeds from the sale of shares by the selling shareholders. J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Sandler O’Neill & Partners, L.P., and Keefe, Bruyette & Woods, Inc. A Stifel Company are acting as joint book-running managers for the offering. |
| Source: Dion Global Type: IPO Related |
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