South Plains Financial, a West Texas commercial bank with 21 full-service locations, announced terms for its IPO on Monday.
The Lubbock, TX-based company plans to raise $63 million by offering 3.38 million shares (20% insider) at a price range of $17.50 to $19.50. At the midpoint of the proposed range, South Plains Financial would command a market value of $323 million.
South Plains Financial was founded in 1941 and booked $148 million in revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol SPFI. Keefe Bruyette Woods and Sandler O'Neill are the joint bookrunners on the deal. It is expected to price during the week of May 6, 2019.
