Deal has $2.41 million greenshoe; Keefe, Bruyette & Woods is the agent
By Devika Patel
Knoxville, Tenn., July 12 - West End Indiana Bancshares, Inc. priced its $16.1 million initial public offering of stock in an S-1 filed Tuesday with the Securities and Exchange Commission. It expects the shares to trade on the over-the-counter bulletin board (OTCBB).
The company will sell up to 1.61 million common shares at $10.00 apiece on a best-efforts basis. It must sell at least 1.19 million shares to complete the subscription offering, and individual investors may buy between 25 and 15,000 shares.
There is a greenshoe of 241,500 shares, or $2.41 million, to cover high demand.
The company also may offer shares through a "syndicated community offering," which will be managed by Keefe, Bruyette & Woods, Inc., the IPO agent, and contribute 38,000 shares and $125,000 in cash to a charitable foundation that it is establishing.
Upon settlement, West End Indiana Bancshares will become a Richmond, Ind., savings and loan holding company. It previously was known as West End Bank, SB.
| Issuer: | West End Indiana Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $11.9 million (minimum), $16.1 million (maximum)
|
| Greenshoe: | $2.41 million
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| Shares: | 1.19 million (minimum), 1.61 million (maximum)
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| Price: | $10.00
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| Warrants: | No
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| Agent: | Keefe, Bruyette & Woods, Inc.
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| Pricing date: | July 12
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| Stock exchange: | OTCBB
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