Esquire Financial Holdings, a commercial bank providing attorney-related loans with over $400 million in assets, lowered the proposed deal size for its upcoming IPO on Thursday.
The Jericho, NY-based company now plans to raise $35 million by offering 2.4 million shares (24% insider) at a price range of $14 to $16. The company had previously filed to offer 2.6 million shares. At the midpoint, Esquire Financial Holdings will raise -8% less in proceeds than previously anticipated. The downsize is entirely due to a decrease in the number of shares offered by selling stockholders.
Esquire Financial Holdings was founded in 2006 and booked $21 million in revenue for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol ESQ. Sandler O'Neill is the sole bookrunner on the deal. It is expected to price during the week of June 26, 2017.
