TriState Capital, a bank serving middle market businesses in the northeast, announced terms for its IPO on Wednesday. The Pittsburgh, PA-based company plans to raise $66 million by offering 5.7 million shares (4% insider) at a price range of $10.50 to $12.50. At the midpoint of the proposed range, TriState Capital would command a fully diluted market value of $323 million.
TriState Capital, which was founded in 2007 and booked $71 million in interest income for the 2012 fiscal year, plans to list on the NASDAQ under the symbol TSC. TriState Capital initially filed confidentially on February 1, 2013. Stephens, Keefe Bruyette Woods, and Baird are the joint bookrunners on the deal.
