Bankwell Financial Group, a commercial bank with seven offices in Connecticut's Fairfield County, revised the terms of its upcoming IPO on Tuesday. The New Canaan, CT-based company still plans to raise $50 million, but by offering 2.7 million shares at a price range of $18 to $19. The company had previously filed to offer 2.2 million shares at a range of $21 to $24. While Bankwell will raise the same proceeds, the company's fully diluted market value fell about 13% to $123 million. The company also disclosed that management now intends to purchase shares worth $8.4 million on the offering.
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. Bankwell 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 later this week.
