FVCBankcorp, a community bank serving Washington, DC and Northern Virginia, raised $35 million by offering 1.75 million shares at $20, the midpoint of the $19 to $21 range. At pricing, it commands a market value of $257 million. The Fairfax, VA-based company had been listed on the OTCQX.
FVCBankcorp plans to list on the Nasdaq under the symbol FVCB. Sandler O'Neill and Raymond James acted as lead managers on the deal.
14 companies in the financials sector have priced IPOs in 2018; the 10 bank IPOs average a first-day gain of 6.5% and a total return of 9.3%.
