Midland States greenshoe exercised, lifts stock IPO to $78.98 million

Sandler O'Neill, Keefe Bruyette, D.A. Davidson, Stephens assisted

By Devika Patel

Knoxville, Tenn., June 6 – Midland States Bancorp, Inc. said the underwriters for its initial public offering of stock opted to exercise the deal’s $12.01 million greenshoe in full, lifting total proceeds of the offering to $78.98 million. The deal was announced May 23, priced for $66.97 million with the greenshoe on May 24 and was conducted alongside a $13.08 million secondary sale of stock.

The company sold 3,590,065 common shares at $22.00 apiece. Selling shareholders sold 594,503 shares at the same price. Of the shares, 545,813 were part of the fully exercised greenshoe.

Sandler O'Neill + Partners, LP and Keefe, Bruyette & Woods, Inc. were the bookrunners.

Proceeds will be used for the acquisition of wealth management assets from Sterling National Bank and general corporate purposes.

The financial holding company is based in Effingham, Ill.

Issuer:	Midland States Bancorp, Inc.
Issue:	Common stock
Amount:	$78,981,430, including $12,007,886 greenshoe of 545,813 shares
Shares:	3,590,065
Price:	$22.00
Warrants:	No
Bookrunners:	Sandler O'Neill + Partners, LP and Keefe, Bruyette & Woods, Inc.
Co-managers:	D.A. Davidson & Co. and Stephens Inc.
Announcement date:	May 23
Pricing date:	May 24
Settlement date:	June 6
Stock symbol:	Nasdaq: MSBI

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