Keefe, Bruyette & Woods assisted; deal funds growth, working capital
By Devika Patel
Knoxville, Tenn., March 27 – National Commerce Corp. said the underwriters for its initial public offering of stock opted to exercise the deal’s $4.97 million greenshoe in full, lifting total proceeds of the deal to $36.99. The deal was announced Jan. 5 and priced for $32.02 million with the greenshoe on March 18.
The sale was conducted alongside a $1.13 million secondary sale.
The company sold 1,897,000 common shares at $19.50 per share. The shareholder sold 58,000 shares at the same price in the secondary offering. Of the primary shares, 255,000 were part of the fully exercised greenshoe.
Keefe, Bruyette & Woods, Inc. was the bookrunner.
Proceeds will be used for growth, working capital and other general corporate purposes.
The bank holding company is based in Birmingham, Ala. It intends to list its common stock on the Nasdaq Global Select Market under the symbol “NCOM.”
| Issuer: | National Commerce Corp.
|
| Issue: | Common stock
|
| Amount: | $36,991,500, including $4,972,500 greenshoe
|
| Shares: | 1,897,000
|
| Price: | $19.50
|
| Warrants: | No
|
| Bookrunner: | Keefe, Bruyette & Woods, Inc.
|
| Co-managers: | Raymond James & Associates, Inc., Sterne, Agee & Leach, Inc. and FIG Partners, LLC
|
| Announcement date: | Jan. 5
|
| Pricing date: | March 18
|
| Settlement date: | March 27
|
| Stock exchange: | Nasdaq: NCOM
|
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