McKinney, Texas-based Independent Bank Group Inc. closed an offering of 2,348,459 common shares, with net proceeds to the company amounting to approximately $27.3 million.
The company sold 448,500 shares in the offering, including 58,500 shares for the underwriters' overallotment option. The rest were sold by selling shareholders, selling 1,899,959 shares in the public offering, including 154,453 shares sold under the overallotment option. Independent did not receive any proceeds from selling shareholders' sales.
The underwriters exercised their overallotment options in full.
Independent intends to use proceeds for general corporate purposes, including increasing capital to support continued growth via acquisitions and continued organic growth.