West Texas bank South Plains Financial prices IPO at $17.50 low end

South Plains Financial, a West Texas commercial bank with 21 full-service locations, raised $59 million by offering 3.38 million shares at $17.50, the low end of the range of $17.50 to $19.50. Insiders had planned to sell 20% of the IPO. At IPO, South Plains Financial commands a market value of $306 million.

Headquartered in Lubbock, TX, the company operates as City Bank throughout West Texas and the Dallas-Fort Worth-Arlington and El Paso MSAs. South Plains Financial plans to list on the Nasdaq under the symbol SPFI. Keefe Bruyette Woods and Sandler O'Neill acted as lead managers on the deal.

The article West Texas bank South Plains Financial prices IPO at $17.50 low end originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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