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Independent Bank Group IPO Up Big

Posted
4/3/2013 3:13:00 PM
By: Wyatt Investment Research
Referenced Stocks:FB;IBTX;PFE;ZTS

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.