Deal conducted in connection with bank’s conversion to stock issuer
By Devika Patel
Knoxville, Tenn., March 4 – Randolph Bancorp, Inc. priced its $56.87 million initial public offering of stock, according to a Form S-1 filed Friday with the Securities and Exchange Commission. The offering is being conducted in connection with the conversion of Randolph Bancorp from the mutual to the stock form of organization.
The company will sell up to 5,686,750 common shares at $10.00 apiece on a best-efforts basis.
The company must sell a minimum of 3,655,000 shares.
Shares that are not purchased in the subscription offering may be offered for sale to the general public in a community offering.
Investors must order a minimum of 25 shares.
The deal will be conducted by bookrunner Keefe, Bruyette & Woods, Inc.
Proceeds will be contributed to the bank and also used for the company’s planned acquisition of First Eastern Bankshares Corp.
The Stoughton, Mass., holding company will own all of the outstanding stock of Randolph Savings Bank. The company intends to list its common stock on the Nasdaq under the symbol “RNDB.”
| Issuer: | Randolph Bancorp, Inc.
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| Issue: | Common stock
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| Amount: | $36.55 million (minimum), $56,867,500 (maximum)
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| Shares: | 3,655,000 (minimum), 5,686,750 (maximum)
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| Price: | $10.00
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| Warrants: | No
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| Bookrunner: | Keefe, Bruyette & Woods, Inc.
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| Pricing date: | March 4
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| Stock symbol: | Nasdaq: RNDB
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