Twin Cities bank Bridgewater Bancshares sets terms for $77 million IPO
Bridgewater Bancshares, a Minnesota-based bank with six branches and $1.6 billion in assets, announced terms for its IPO on Monday.
The Bloomington, MN-based company plans to raise $77 million by offering 6.7 million shares (35% insider) at a price range of $10.50 to $12.50. At the midpoint of the proposed range, Bridgewater Bancshares would command a fully diluted market value of $344 million.
Bridgewater Bancshares was founded in 2005 and booked $57 million in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol BWB. Sandler O'Neill and D.A. Davidson are the joint bookrunners on the deal. It is expected to price during the week of March 12, 2018.
The article Twin Cities bank Bridgewater Bancshares sets terms for $77 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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