Silvergate Capital, a California commercial bank with a focus on digital currency businesses, announced terms for its IPO on Monday.
The La Jolla, CA-based company plans to raise $52 million by offering 3.7 million shares (79% insider) at a price range of $13 to $15. At the midpoint of the proposed range, Silvergate Capital would command a fully diluted market value of $267 million.
Silvergate Capital was founded in 1988 and booked $90 million in revenue for the 12 months ended June 30, 2019. It plans to list on the NYSE under the symbol SI. Barclays, Keefe Bruyette Woods, Sandler O'Neill, and Compass Point are the joint bookrunners on the deal. It is expected to price on Wednesday, November 6, 2019
