Merchants Bancorp, an Indiana bank focused on FHA loans with over $3 billion in assets, announced terms for its IPO on Monday.
The Carmel, IN-based company plans to raise $100 million by offering 5.56 million shares at a price range of $17 to $19. At the midpoint of the proposed range, Merchants Bancorp would command a fully diluted market value of $487 million.
Merchants Bancorp was founded in 1990 and booked $103 million in revenue for the 12 months ended June 30, 2017. It plans to list on the Nasdaq under the symbol MBIN. Sandler O'Neill, Stephens Inc. and Raymond James are the joint bookrunners on the deal. It is expected to price during the week of October 23, 2017.
