Northpointe Bancshares, a Michigan-based bank that offers loan and deposit services across the US, announced terms for its IPO on Friday.
The Grand Rapids, MI-based company plans to raise $150 million by offering 8.8 million shares (17% secondary) at a price range of $16 to $18. At the midpoint of the proposed range, Northpointe Bancshares would command a fully diluted market value of $577 million.
Northpointe Bank was founded in 1999 as a focused mortgage portfolio lender primarily operating in the midwestern states of Michigan, Ohio, and Indiana. The bank now offers a nationwide mortgage purchase program, residential mortgage loans, digital deposit banking to retail customers, and custodial deposit services to loan servicing clients. Its delivery systems are primarily digital, and with loan production offices across 23 cities in 15 states, the bank has established a nationwide presence with clients in all 50 states and the District of Columbia. As of September 30, 2024, Northpointe had $5.4 billion in assets, $4.8 billion in gross loans, $3.5 billion of deposits, and $455 million of stockholders' equity.
Northpointe Bancshares was founded in 1999 and booked $175 million in revenue for the 12 months ended September 30, 2024. It plans to list on the NYSE under the symbol NPB. Keefe Bruyette Woods is the sole bookrunner on the deal. It is expected to price during the week of February 10, 2025.
