IPOs

Georgia bank MetroCity Bankshares files for a $40 million IPO

MetroCity Bankshares, a Georgia bank with 19 full-service branches in the Eastern US and Texas, filed on Wednesday with the SEC to raise up to $40 million in an initial public offering. The company's shares are currently listed on the OTC (MCBS), with as-converted last close of $28.

The Doraville, GA-based company was founded in 2006 and booked $97 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol MCBS. MetroCity Bankshares filed confidentially on August 2, 2019. Keefe Bruyette Woods, Raymond James and Hovde Group are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Georgia bank MetroCity Bankshares files for a $40 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.

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