FinWise Bancorp, a Utah-based digital bank that offers loan and deposit services across the US, announced terms for its IPO on Tuesday.
The Murray, UT-based company plans to raise $35 million by offering 3.2 million shares at a price range of $10 to $12. At the midpoint of the proposed range, FinWise Bancorp would command a fully diluted market value of $138 million.
Finwise Bancorp had previously filed for an IPO this past July and planned to raise $58 million by offering 4.1 million shares at a price range of $13 to $15. The company postponed in August, but revived its plans earlier this month.
Finwise Bancorp was founded in 1999 and booked $67 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol FINW. Piper Sandler and Stephens Inc. are the joint bookrunners on the deal.
