Merchants Bancorp Begins IPO

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The bank's new headquarters building is currently under construction in Carmel. (photo courtesy city of Carmel) The bank's new headquarters building is currently under construction in Carmel. (photo courtesy city of Carmel)
CARMEL -

Carmel-based Merchants Bancorp (Nasdaq: MBIN) has begun its Initial Public Offering. The parent of Merchants Bank of Indiana expects the IPO to close Tuesday and says it could raise up to $100 million.

The bank is offering 6.25 million shares of its common stock at an initial price of $16 per share. Merchants has also granted the underwriters a 30-day option to purchase up to an additional 937,500 shares at the IPO price, which could bring the bank's total to $115 million.

In recognition of the IPO, Merchants Bancorp Chairman and Chief Executive Officer Michael Petrie will Friday ring the closing bell at the Nasdaq MarketSite in New York City.

Merchants first announced plans for the IPO in September. The bank says it plans to use $5.8 million from the proceeds of the IPO to complete its acquisition of Illinois-based Joy State Bank. A portion of the proceeds will go to its bank subsidiary, Merchants Bank of Indiana, with the remainder being used for general corporate purposes such as future acquisitions and "other growth initiatives."

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