Commercial bank Square 1 Financial sets terms for $94 million IPO
Square 1 Financial, which provides commercial banking services to venture firms, announced terms for its IPO on Friday. The Durham, NC-based company plans to raise $94 million by offering 5.9 million shares at a price range of $15 to $17. At the midpoint of the proposed range, it would command a fully diluted market value of $465 million. Square 1 Financial, which was founded in 2005 and booked $102 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol SQBK. Square 1 Financial initially filed confidentially on November 26. Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal.