Hanover Bancorp IPO: When is the community bank going public? - Kalkine Media

February 28, 2022 07:25 AM PST | By Rupam Roy
Follow us on Google News:
Highlights:
  • Hanover Bancorp, Inc. filed for its IPO with the US Securities and Exchange Commission
  • The company plans to list its common stock on the Nasdaq exchange under the ticker symbol HNVR
  • The company had US$1.46 billion in total assets as of December 2021

The community commercial bank, Hanover Bancorp, Inc., has planned to go public through its listing in the US market, according to its filing with the SEC on February 23.

However, the news came when various companies were either postponing or cancelling their IPOs due to various uncertainties in the market and the increasing geopolitical turmoils.

Also Read: From SAND to AXS: Top 3 metaverse cryptos to explore

When is Hanover Bancorp going public?

The company has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) on February 23 for its initial public offering of its common stocks. However, the price range or the number of shares the company intends to offer in its IPO is not yet determined.

After satisfying all the listing requirements and completing the offering, the company anticipates listing its common stock on the Nasdaq Global Select Market (NASDAQ) under the ticker symbol "HNVR".

It is important to note that the date of the IPO would only be revealed after the company receives final approval and until then, retails investors cannot buy the common shares.

Also Read: Retail stocks to watch: HD, DLTR among top five in the spotlight

Meanwhile, the company's registration statement related to its offering has only been filed with the SEC and has not yet become effective. The securities may not be available for trading or offering before the registration statement becomes effective.

The completion of the offering depends on the market conditions, and no details or timing has been announced yet by the SEC and the company. So, the potential investors might have to wait until the regulators approve the listing plan.

The book-running managers for the IPO are Stephens Inc. and Piper Sandler & Co.

Also Read: Shein IPO: Is the Chinese retail firm debuting in the US market?

Is Hanover Bancorp IPO happening in 2022?

Bottom line:

According to the company's filing, it intends to use the gross proceeds from the proposed offering to its subsidiary, Hanover Community Bank. It aims to strengthen its regulatory capital for supporting organic and future potential strategic growth.

Also Read: Travelport IPO: Is the travel-booking firm going public this year?

The Hanover Bank was established in 2009 and is based in Mineola, New York. Its management is led by its Chairman and CEO, Michael P. Puorro, and President Brian K. Finneran.

As of December 31, 2021, the company had seven operating branches with US$129 million in total stockholders' equity. In addition, it had US$1.18 billion in deposits and US$1.46 billion in total assets.

Also Read: Will Argo AI IPO happen in 2022?


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies