D.A. Davidson will be the bookrunner; funds used to expand operations
By Devika Patel
Knoxville, Tenn., June 11 – People’s Utah Bancorp said it priced its $33.09 million initial public sale of stock with a $5.44 million greenshoe on Wednesday. The deal was announced April 20 and is being conducted alongside a $3,161,000 secondary stock offering.
The company will sell 2,282,000 common shares and shareholders will sell 218,000 shares at $14.50 apiece.
D.A. Davidson & Co. is the bookrunning manager.
Ligand Pharmaceuticals Inc. intends to buy about $9 million of the shares at the initial public offering price.
Settlement is expected June 16.
Proceeds will be used to expand operations by opening new branches, for acquisitions and for general corporate purposes.
The holding company for Bank of American Fork and Lewiston State Bank is based in American Fork, Utah. The company expects its shares will trade on the Nasdaq under the symbol “PUB.”
| Issuer: | People’s Utah Bancorp
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| Issue: | Common stock
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| Amount: | $33,089,000
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| Greenshoe: | $5,437,500, or 375,000 shares
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| Shares: | 2,282,000
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| Price: | $14.50
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| Warrants: | No
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| Bookrunner: | D.A. Davidson & Co.
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| Co-managers: | Sandler O’Neill & Partners, LP and FIG Partners, LLC
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| Announcement date: | April 20
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| Pricing date: | June 10
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| Settlement date: | June 16
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| Stock exchange: | Nasdaq: PUB
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