Luther Burbank, a California commercial bank focused on single and multifamily residential loans, announced terms for its IPO on Monday.
The Santa Rosa, CA-based company plans to raise $131 million by offering 11.35 million shares at a price range of $10.50 to $12.50. At the midpoint of the proposed range, Luther Burbank would command a fully diluted market value of $629 million.
Luther Burbank was founded in 1983 and booked $117 million in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol LBC. Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal. It is expected to price during the week of December 4, 2017.
