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Florida bank Professional Holding Corp sets terms for $62 million IPO

January 30, 2020
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Professional Holding Corp, a Florida bank with nine locations across the Miami-Dade MSA, announced terms for its IPO on Thursday.

The Coral Gables, FL-based company plans to raise $62 million by offering 3.1 million shares at a price range of $19 to $21. At the midpoint of the proposed range, Professional Holding Corp would command a fully diluted market value of $253 million (pro forma acquisition of Marquis Bancorp).

Professional Holding Corp was founded in 2008 and booked $30 million in historical revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol PFHD. Stephens Inc. and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of February 3, 2020.