Carmel-based Merchants Bancorp has released more details on its upcoming Initial Public Offering. The parent of Merchants Bank of Indiana has not yet released a date for the IPO, but says it now expects to raise up to $105.6 million.
The bank plans to offer 5,555,555 shares of stock at an initial price currently expected to be between $17.00 and $19.00 per share. Merchants could offer underwriters a 30-day option to purchase an additional 833,333 shares, which could bring the IPO earnings total to more than $121 million.
Merchants says it will list its stock on the Nasdaq Capital Market under the ticker symbol "MBIN."
When plans for the IPO were first announced last month, the bank said it intends to use $5.8 million to complete its pending acquisition of Joy State Bank in Illinois. Merchants says it will contribute a portion of the net proceeds to its Merchants Bank of Indiana subsidiary and use the remainder for general corporate purposes such as future acquisitions and other growth initiatives.
You can view the bank’s full registration statement filed with the U.S. Securities and Exchange Commission by clicking here.