Business

March 24, 2014

Square 1 could go public this week

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.

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.

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