Banking on crypto: Silvergate Capital prices downsized IPO below the range at $12
Silvergate Capital, a California commercial bank with a focus on digital currency businesses, raised $40 million by offering 3.3 million shares (25% primary; $10 million) at $12, below the range of $13 to $15. At the offer price, Silvergate commands a market value of $229 million. The company had planned to raise $52 million at the midpoint (21% primary; $11 million), but dropped its secondary share sale by about 0.5 million, and offered an additional 54,605 primary shares.
Silvergate Capital plans to list on the NYSE under the symbol SI. Barclays, Keefe Bruyette Woods, Sandler O'Neill and Compass Point acted as lead managers on the deal.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
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