Independent Bank Group IPO Up Big
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.