Square 1 could go public this week

Posted by David Ranii on March 24, 2014 

Square 1 Bank is on track to go public this week.

The Durham-based bank is expected to price its shares after the market closes Wednesday, according to website IPOScoop.com. That would mean that its newly public shares would begin trading on Thursday.

IPOScoop uses information obtained from underwriters to maintain a calendar of when companies are expected to go public.

Earlier this month, Square 1 disclosed that it anticipates selling 3.1 million shares at between $15 and $17 per share. In addition, a group of major shareholders plans to sell 2.8 million shares.

Square 1 would net $45.5 million from the IPO, after paying fees and expenses, if it goes public at $16 per share. It wouldn’t receive any of the proceeds generated by the stock sold by its shareholders.

Square 1 was founded in 2005. It has a dozen offices nationwide that provide a wide range of banking services to venture capital and private equity firms and the businesses they invest in.

Square 1 doesn’t have a high profile locally. Its single Triangle office is its headquarters office in downtown Durham’s American Tobacco Campus.

Last year the bank generated $22.1 million in net income, up from $14.1 million in 2012.

News & Observer is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service