Spirit of Texas Bancshares, a Texas community bank with 15 full-service branches and $1 billion in assets, announced terms for its IPO on Thursday.
The Conroe, TX-based company plans to raise $40 million by offering 1.9 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Spirit of Texas Bancshares would command a fully diluted market value of $210 million.
Spirit of Texas Bancshares was founded in 2008 and booked $48 million in sales for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol STXB. Stephens Inc. and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of April 30, 2018.
