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Louisiana commercial bank Investar sets terms for $46 million IPO

By: Renaissance Capital
Posted: 6/18/2014 6:25:00 PM
Referenced Stocks: ISTR

Investar Holding, a Louisiana commercial bank with 10 branches, announced terms for its IPO on Wednesday. The Baton Rouge, LA-based company plans to raise $46 million by offering 2.9 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 $110 million.

Investar Holding, which was founded in 2006 and booked $27 million in net interest and noninterest revenue for the 12 months ended March 31, 2014, plans to list on the NASDAQ under the symbol ISTR. It initially filed confidentially on March 14, 2014. Sandler O'Neill and Sterne Agee are the joint bookrunners on the deal. It is expected to price during the week of June 30, 2014.