Live Oak Bancshares, which lends to small businesses in niche industries across the US, announced terms for its IPO on Monday.
The Wilmington, NC-based company plans to raise $68 million by offering 4.0 million shares at a price range of $16 to $18. At the midpoint of the proposed range, it would command a fully diluted market value of $577 million.
Live Oak Bancshares, which was founded in 2008 and booked $71 million in net interest and noninterest revenue for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol LOB. Sandler O'Neill, Keefe Bruyette Woods and Suntrust Robinson Humphrey are the joint bookrunners on the deal. It is expected to price during the week of July 20, 2015.
