First Guaranty Bancshares, a Louisiana bank with 21 branches and $1.5 billion in assets, raised the proposed deal size for its upcoming IPO on Monday.
The Hammond, LA-based company now plans to raise $15.75 million by offering 750,000 shares at a price of $21. The company had previously filed to offer 713,044 shares when its price on the OTC Pink (symbol: FGBI) was $19.15. First Guaranty is expected to raise 15% more in proceeds than previously anticipated. It postponed a $91 million IPO in December 2014 at a proposed market cap of $197 million.
The previous Lousiana-based bank to go public, Investar Holding (ISTR), trades 13% above its July 2014 offer price.
First Guaranty Bancshares, which was founded in 1934 and booked $52 million in revenue for the 12 months ended June 30, 2015, plans to list on the Nasdaq under the symbol FGBI. Sandler O'Neill is the sole bookrunner on the deal. It is expected to price during the week of November 2, 2015.
