Bookrunners Sandler O’Neill, Keefe, Bruyette, SunTrust Robinson assist
By Devika Patel
Knoxville, Tenn., July 31 – Live Oak Bancshares, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal’s $11.9 million greenshoe in full, lifting total proceeds of the offering to $93.5 million. The deal was announced June 19 and priced for $81.6 million with the greenshoe on July 23.
The company sold 5.5 million common shares at $17.00 apiece. Of the shares, 700,000 were part of the fully exercised greenshoe.
Sandler O’Neill + Partners, LP, Keefe, Bruyette & Woods, Inc. and SunTrust Robinson Humphrey, Inc. were the bookrunners.
Proceeds will be used for growth, expansion, development of a new online lending platform and general corporate purposes.
The holding company for Live Oak Banking Co. is based in Wilmington, N.C. The company said its shares will trade on the Nasdaq under the symbol “LOB.”
| Issuer: | Live Oak Bancshares, Inc.
|
| Issue: | Common stock
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| Amount: | $93.5 million, including $11.9 million greenshoe of 700,000 shares
|
| Shares: | 5.5 million
|
| Price: | $17.00
|
| Warrants: | No
|
| Bookrunners: | Sandler O’Neill + Partners, LP, Keefe, Bruyette & Woods, Inc. and SunTrust Robinson Humphrey, Inc.
|
| Announcement date: | June 19
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| Pricing date: | July 23
|
| Settlement date: | July 31
|
| Stock exchange: | Nasdaq: LOB
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