MetroCity Bankshares, a Georgia bank focused on serving Asian-American communities in the Eastern US and Texas, announced terms for its IPO on Tuesday.
The Doraville, GA-based company plans to raise $30 million by offering 1.9 million shares (48% insider) at a price range of $14.50 to $16.50. At the midpoint of the proposed range, which is also the last close of its shares on the OTC (MCBS), MetroCity Bankshares would command a market value of $392 million.
MetroCity Bankshares was founded in 2006 and booked $97 million in revenue for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol MCBS. Keefe Bruyette Woods, Raymond James, and Hovde Group are the joint bookrunners on the deal. It is expected to price during the week of September 30, 2019.
