Coastal Financial, a community bank in Washington state, announced terms for its IPO on Tuesday.
The Everett, WA-based company plans to raise $38 million by offering 2.7 million shares (21% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Coastal Financial would command a fully diluted market value of $166 million (1.8x P/TB).
Coastal Financial was founded in 1997 and booked $35 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol CCB. Keefe Bruyette Woods and Hovde Group are the joint bookrunners on the deal. It is expected to price during the week of July 16, 2018.
