Capital Bank Financial puts IPO in $21-$23 range
Capital Bank Financial Corp., a bank holding company, said Monday it is planning an initial public stock offering at an estimated price between $21 and $23 per share.
Capital Bank Financial said the sale involves 11,363,636 shares of Class A common stock, with half the shares being offered by the company and the other half by certain shareholders.
The company, based in Winston-Salem, N.C., has applied to list the shares on the Nasdaq Global Select Market under the symbol CBF.
The underwriters of the IPO will have the option to buy from the selling shareholders up to 1,704,545 additional shares to cover possible excess allotments. Capital Bank Financial said it intends to use net proceeds from the sale for general corporate purposes.
Credit Suisse Securities (USA), BofA Merrill Lynch, Goldman Sachs, Barclays and FBR are the joint book-running managers of the offering. Keefe, Bruyette & Woods and Sandler, O'Neill + Partners are the co-managers.
Capital Bank Financial is the parent of Capital Bank, which has about $6.3 billion in assets and 143 offices in southern Florida and the Florida Keys, North and South Carolina, Tennessee and Virginia.