Stock expected to begin trading on Nasdaq under symbol “AVNU”
By Susanna Moon
Chicago, Feb. 10 – Avenue Financial Holdings, Inc. said it priced its initial public offering of shares at $27.5 million with an over-allotment option for another $4.13 million of shares. The company said Jan. 9 that it registered to sell $30 million of shares in the IPO.
In total, 2.5 million shares were sold at a public offering price of $11.00 per share, including 1,324,265 shares sold by the company and 1,175,735 shares sold by selling shareholders.
The shares were expected to begin trading on the Nasdaq under the symbol “AVNU.”
Keefe, Bruyette & Woods, Inc. is the bookrunner.
As previously announced, proceeds will be used to redeem all of the company’s outstanding series C preferred stock, which currently has a dividend rate of 1% that will increase to 9% on March 15, 2016, and for general corporate purposes.
Avenue Financial is a bank holding company for Avenue Bank based in Nashville.
| Issuer: | Avenue Financial Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $27.5 million
|
| Greenshoe: | For 375,000 shares, or $4,125,000
|
| Shares: | 2.5 million
|
| Price: | $11.00
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Co-managers: | Sandler O’Neill & Partners, LP and Sterne, Agee & Leach, Inc.
|
| Announcement date: | Jan. 9
|
| Pricing date: | Feb. 10
|
| Expected listing: | Nasdaq: AVNU
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
