Third Coast Bancshares, a commercially-focused Texas bank with 12 branches, announced terms for its IPO on Monday.
The Humble, TX-based company plans to raise $75 million by offering 3 million shares at a price range of $24 to $26. At the midpoint of the proposed range, Third Coast Bancshares would command a fully diluted market value of $317 million.
Third Coast Bancshares is a commercially-focused, Texas-based bank holding company operating primarily in the Greater Houston, Dallas-Fort Worth, and Austin-San Antonio markets through its wholly owned subsidiary, Third Coast Bank. It also operates through Third Coast Commercial Capital, a commercial finance company. Third Coast currently operates 12 branch locations, with seven in the Greater Houston market, two in the Dallas-Fort Worth market, two in the Austin-San Antonio market, and one in Detroit, Texas. As of June 30, 2021, Third Coast had total assets of $2.0 billion, total loans of $1.6 billion, total deposits of $1.8 billion, and total shareholders' equity of $138 million.
Third Coast Bancshares was founded in 2008 and booked $82 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol TCBX. Stephens Inc., Piper Sandler, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
