FirstCaribbean Bank sets terms for $226 million IPO

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FirstCaribbean International Bank, a leading bank in Barbados, the Bahamas and Cayman Islands spun out of CIBC, announced terms for its IPO on Tuesday.

The Warrens, Barbados-based company plans to raise $226 million by offering 9.6 million shares (100% insider) at a price range of $22 to $25. At the midpoint of the proposed range, FirstCaribbean International Bank would command a market value of $1.2 billion.

FirstCaribbean International Bank was founded in 2002 and booked $495 million in revenue for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol FCI. Barclays, UBS Investment Bank and CIBC are the joint bookrunners on the deal. It is expected to price during the week of April 16, 2018.

The article FirstCaribbean Bank sets terms for $226 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

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: News Headlines , IPOs

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