Bankwell Financial Group, a commercial bank holding company with seven offices in Connecticut, announced terms for its IPO on Monday. The New Canaan, CT-based company plans to raise $50 million by offering 2.2 million shares at a price range of $21 to $24. At the midpoint of the proposed range, it would command a fully diluted market value of $141 million.
Bankwell Financial Group, which was founded in 2002 and booked $25 million in net interest income for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol BWFG. It initially filed confidentially on November 12, 2013. Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price next week.
