Chain Bridge Bancorp ( NASDAQ:BDGE_old ), a lender popular with Republicans since its inception, is aiming for a valuation of up to $167 million in its initial public offering in the United States.
The IPO, relatively unusual in the banking sector, comes just a month before the US presidential election.
The McLean, Va.-based bank, which has just one branch and 84 employees, has beaten bigger financial rivals to become a must-have partner for political work.
Strong debuts from recently listed companies also boosted the IPO market, particularly for profitable companies.
Chain Bridge is seeking to raise up to $48.1 million through the sale of 1.85 million shares priced between $24 and $26 each, it said Monday.
Chain Bridge, which was founded by former Republican Sen. Peter Fitzgerald, has worked with the campaign of every Grand Old Party presidential candidate since John McCain in 2008, Reuters reported in July.
The bank’s fortunes are closely tied to the Party. Chain Bridge has warned in its filing that “any event adversely affecting the Republican Party … could result in significant deposit outflows.”
However, the bank’s strong credit quality may attract investors at a time when worries about bad loans have plagued many players in the industry. Chain Bridge has had no non-performing loans in the past 12 years, it said.
The lender plans to use the proceeds from the IPO for general corporate purposes, such as financing its expansion and repaying debt. Following the offer, the Fitzgerald family will hold nearly 48.72% of the combined voting power.
Piper Sandler, Raymond James and Hovde Group are the underwriters for the IPO.
Chain Bridge will seek a listing on the New York Stock Exchange under the symbol “CBNA”.
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Reference;
Kanowsky, S. (2024) Glenview Capital to push CVS Health to make changes – Wall Street Journal By Investing.com, Investing.com. Investing.com. Available at: https://www.investing.com/news/stock-market-news/glenview-capital-to-push-cvs-health-to-make-changes–wall-street-journal-3640285 (Accessed: 30 September 2024).
