Independent Bank Group IPO Up Big

Comment

Shutterstock photo

Independent Bank Group ( IBTX ) became the first company to go public in April today.

The Texas-based bank debuted at $26 a share, the high end of its expected range. As of 2 p.m. eastern time, the stock had risen to $29.60 - a first-day increase of nearly 14%.

Independent Bank Group raised $83 million in its IPO. With 3.2 million shares sold, that gave it a $304 million market value at the time of its IPO. The stock began trading on the NASDAQ under the ticker symbol IBTX.

The bank boasts 30 locations in the Dallas/Fort Worth area.

The $83 million Independent Bank group raised in its IPO adds to the $7.5 billion haul initial public offerings as a whole raised in the first quarter. While the number of IPOs was down last quarter , the amount of money raised was a 29% improvement from the first quarter a year ago. Zoetis ( ZTS ), a spin-off of Pfizer ( PFE ), made the biggest haul, racking up $2.57 billion in its IPO -- the most profitable debut since Facebook ( FB ).

Perhaps those returns - combined with the fact that U.S. markets are at all-time highs - will convince more companies to go public in the coming months.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Stocks
More Headlines for: FB , IBTX , PFE , ZTS


More from Wyatt Investment Research

Subscribe






Wyatt Investment Research
Contributor:

Wyatt Investment Research

Investing
Follow on:

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com