Midland States Bancorp, a midwestern bank with 81 locations and $2.9 billion in assets, announced terms for its IPO on Wednesday.
The Effingham, IL-based company plans to raise $100 million by offering 3.9 million shares (20% insider) at a price range of $25 to $27. At the midpoint of the proposed range, Midland States Bancorp would command a fully diluted market value of $399 million.
Midland States Bancorp was founded in 1881 and booked $158 million in sales for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol MSBI. Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of May 23, 2016.
