Cadence Bancorporation, a commercial bank with 66 locations in the Southeast and $10 billion in assets, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Houston, TX-based company was founded in 2009 and booked $368 million in revenue for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol CADE. Cadence filed confidentially on September 26, 2014. Goldman Sachs, J.P. Morgan, Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.
