Amalgamated Bank, a union-owned commercial bank based in New York, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $107 million by offering 6.7 million shares at a price range of $15 to $17 (100% insider). At the midpoint of the proposed range, Amalgamated Bank would command a fully diluted market value of $516 million. The bank plans to issue a quarterly dividend of $0.06 per share (1.5% annualized yield at midpoint).
Amalgamated Bank was founded in 1923 and booked $153 million in revenue for the 12 months ended March 31, 2018. It plans to list on the Nasdaq under the symbol AMAL. Barclays, J.P. Morgan and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of August 6, 2018.
