Cadence Bancorporation, a commercial bank with 66 locations in the Southeast and $10 billion in assets, announced terms for its IPO on Monday.
The Houston, TX-based company plans to raise $150 million by offering 7.5 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Cadence Bancorporation would command a market value of $1.7 billion.
Cadence Bancorporation 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. Goldman Sachs, J.P. Morgan, Sandler O'Neill and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of April 10, 2017.
