Investar Bank released the terms of its initial public offering Wednesday, announcing up to 3.3 million of the company's shares will be up for grabs.
Investar Bank released the terms of its initial public offering Wednesday, announcing plans to generate between $46 million and $56.2 million.
|Investar's Lafayette location on Ambassador Caffery|
The offering could include up to 3.3 million shares of the company's common stock, with a value estimated between $15 and $17 per share.
According to a prospectus filed with the U.S. Securities and Exchange Commission, the company plans to use the proceeds from the public offering for expansions in loans and deposits, and to pave the way for future acquisitions, though none are currently in the works.
The company reported that as of March 31, it had $673.9 million in total assets, $549.9 million in total loans and $564.2 million in total deposits.
Investar was founded in 2006 and has 10 branches statewide, including one in Lafayette.
Sandler O'Neill & Partners was selected by Investar to operate as the sole book-running manager for the offering, with Sterne, Agee & Leach serving as co-lead manager.
The company plans to list on the NASDAQ Global Market under the symbol "ISTR," with pricing expected for June 30.
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