RBB Bancorp, a commercial bank focused on serving first generation Asian immigrants, announced terms for its IPO on Wednesday.
The San Gabriel, CA-based company plans to raise $69 million by offering 3 million shares (30% insider) at a price range of $22 to $24. At the midpoint of the proposed range, RBB Bancorp would command a fully diluted market value of $373 million.
RBB Bancorp was founded in 2008 and booked $68 million in revenue for the 12 months ended March 31, 2017. It plans to list on the Nasdaq under the symbol RBB. Sandler O'Neill, Keefe Bruyette Woods and Stephens Inc. are the joint bookrunners on the deal. It is expected to price later this month.
