Level One Bancorp, a Michigan-based commercial bank with $1.3 billion in assets, announced terms for its IPO on Thursday.
The Farmington Hills, MI-based company plans to raise $28 million by offering 1.0 million shares (23% insider) at a price range of $27 to $29. At the midpoint of the proposed range, Level One Bancorp would command a fully diluted market value of $211 million.
Level One Bancorp was founded in 2007 and booked $54 million in revenue for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol LEVL. Raymond James and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of April 16, 2018.
