D.A. Davidson was the bookrunner; funds used to expand operations
By Devika Patel
Knoxville, Tenn., June 16 – People’s Utah Bancorp said the underwriters for its initial public offering of stock opted to exercise the deal’s $5.44 million greenshoe in full, lifting total proceeds of the offering to $38.53 million. The deal was announced April 20 and was conducted alongside a $3,161,000 secondary stock offering. The offerings priced on June 10.
The company sold 2,657,000 common shares and shareholders sold 218,000 shares at $14.50 apiece. Of the primary shares, 375,000 were part of the fully exercised greenshoe.
D.A. Davidson & Co. was the bookrunning manager.
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
|
| Issue: | Common stock
|
| Amount: | $38,526,500, including $5,437,500 greenshoe of 375,000 shares
|
| Shares: | 2,657,000
|
| Price: | $14.50
|
| Warrants: | No
|
| Bookrunner: | D.A. Davidson & Co.
|
| Co-managers: | Sandler O’Neill & Partners, LP and FIG Partners, LLC
|
| Announcement date: | April 20
|
| Pricing date: | June 10
|
| Settlement date: | June 16
|
| Expected listing: | Nasdaq: PUB
|
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