FinWise Bancorp IPO: How to buy the stock?

November 19, 2021 07:40 AM PST | By Rupam Roy
Follow us on Google News:

Highlights

  • FinWise Bancorp has announced its initial public offering price of US$10.50 per share.

  • The company is offering 3,500,000 shares to investors.

  • For the nine months ended on Sep 30, 2021, it had total assets of US$338.31 million.

FinWise Bancorp has announced the pricing of its initial public offering of common stocks. The FinWise IPO is among the major debuts in the US market this week.

FinWise Bancorp is a holding company based in Murray, Utah. It offers financial services through its wholly-owned subsidiary, FinWise Bank, and is founded in 1999.

Currently, the bank operates one full-service banking location in Utah and serves as a lender nationwide. It also takes deposits from individual customers and small businesses.

Also Read: Five cybersecurity stocks to consider as ransomware threats increase

 FinWise Bancorp is all set to make its debut in the US market on Nov 19

Image Description:

Also Read: SPANX closes Blackstone deal, Oprah, Reese among new investors

FinWise Bancorp stock offerings and pricing


The company is offering 3.5 million shares of its common stock for investors. In addition, it would provide a 30-day option for the underwriters to buy an additional 525,000 shares of its common stock at the initial public offering (IPO) price, less the underwriting discount.

The initial public offering price will be US$10.50 per share, the company announced on Thursday. It is expected that the offering price would provide gross proceeds of around US$36.8 million to the bank.

In addition, if the underwriters' option is exercised in full, it is expected to provide net proceeds of US$5.1 million after subtracting the underwriting discount and estimated offering expenses.

Notably, the firm's net proceeds, after deducting the discount and estimated offering expenses, are expected to be about US$31 million.

The company is expected to start trading on Nasdaq Global Market (NASDAQ) on Nov 19, 2021, under the ticker symbol "FINW".

Also Read: How are US-listed Chinese stocks performing in November?

FinWise Bancorp financials


As of and for the nine months ended on September 30, 2021, the company had total assets of US$338.31 million, compared to US$318.34 million in the same period of the previous year. For the period, the firm had cash and cash equivalents of US$68.10 million, compared to US$32.16 million for the nine months ended on September 30.

The company reported a net income of US$21.47 million for the nine months ended on September 30 compared to US$6.58 million in the year-ago period.

Also Read: How to avail Zipline, Walmart (WMT) drone delivery service

Bottomline


According to the company's statement, FinWise plans to use its net proceeds for the initial public offering to fund the organic growth, including the development of operating infrastructure, and for other general purposes like future acquisitions. The joint book-running managers for the offering would be Piper Sandler & Co. and Stephens Inc.


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