Midland StatesBancorp Inc. on May 11 estimated its of 3,865,000 shares to sell at$25.00 to $27.00 per share.
Of the total number being offered, shareholders are selling787,748 shares. The Effingham, Ill.-based company will not receive proceedsfrom the latter, pegging its receivable net proceeds at approximately $72.7million, if the shares are sold at the midpoint of the price range.
The IPO underwriters have alsobeen granted a 30-day option to purchase up to an additional 579,750 shares.If exercised in full, estimated net proceeds increase to $86.8 million,according to the amended Form S-1.
The company expects to inject$25.0 million of the proceeds to subsidiary Midland States Bank, and approximately $4.8 million ofthat will go toward the pending acquisition of wealth management assets fromSterling NationalBank. The rest will be for general corporate purposes, possiblyincluding future acquisitions.
Following the offering, the number of outstanding commonshares will be 14,882,031 shares, or 15,461,781 shares if the overallotmentoption is exercised in full.