As expected, Byline Bancorp Inc. filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of an unspecified number of its common shares.
The filing listed a proposed maximum aggregate offering price of $75 million, estimated solely to calculate the registration fee.
The Chicago-based company is yet to determine the number of shares to be offered and the price range for the proposed offering. It intends to list its common stock under the ticker symbol BY on the New York Stock Exchange.
Merrill Lynch Pierce Fenner & Smith Inc. and Keefe Bruyette & Woods Inc. are acting as joint book-running managers, while Piper Jaffray & Co., Sandler O'Neill & Partners LP and Stephens Inc. are acting as co-managers for the proposed offering. The underwriters may exercise their option to buy an unspecified number of shares in connection with the offering.
The company intends to use the net proceeds from this offering to repay the outstanding balance under its line of credit of around $16 million and for general corporate purposes, which may include repaying or refinancing its other outstanding debt; working capital; and other general purposes. The company will not receive any proceeds from the sale of common stock by selling stockholders.