OP Bancorp, a California commercial bank primarily serving Korean-American communities, announced terms for its IPO on Tuesday. The company is thinly traded on the OTCQB under the symbol OPBK, and finished Tuesday at $11.25 per share.
The Los Angeles, CA-based company plans to raise $21 million by offering 2.0 million shares at a price range of $9.50 to $11.50. At the midpoint of the proposed range, OP Bancorp would command a fully diluted market value of $167 million.
Close peer RBB Bancorp (RBB) is up 16% from its July 2017 IPO.
OP Bancorp was founded in 2005 and booked $45 million in revenue for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol OPBK. Keefe Bruyette Woods is the sole bookrunner on the deal. It is expected to price during the week of March 26, 2018.
