Midland States Bancorp, a Midwestern bank with 81 locations and $2.9 billion in assets, lowered the proposed range for its upcoming IPO on Monday.
The Effingham, IL-based company now plans to raise $89 million by offering 3.872 million shares (21% insider) at a price range of $22-$24, down from the original range of $25-$27. The deal size was increased slightly from 3.865 million, with insiders now planning to sell 828,000 shares, up 5% from the 788,000 originally planned, while the number of primary shares has been reduced by 1% to 3.044 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.
