Avidbank to price 2.61M shares at $22.00-$24.00 in initial public offering

Avidbank Holdings (AVBH) announced the launch of its initial public offering of 2,610,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 391,500 shares of its common stock at the initial public offering price, less underwriting discounts and commissions. The initial public offering price is currently expected to be between $22.00 and $24.00 per share. Avidbank Holdings expects to list its common stock on the Nasdaq Global Select Market under the ticker symbol “AVBH.” Avidbank Holdings intends to use the net proceeds from the offering to increase the capital of the Bank to support the Company’s organic growth strategies, including expanding its overall market share and lending activities, strengthening regulatory capital, the potential optimization of the balance sheet, which may include repositioning a substantial portion of the available-for-sale securities portfolio, and for working capital and other general corporate purposes. Piper Sandler and Stephens are Joint Bookrunners for the offering, with D.A. Davidson & Co. acting as Lead Manager and Janney Montgomery Scott as Co-manager.