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Bridgewater Bancshares files for IPO

Bloomington, Minn.-based Bridgewater Bancshares Inc. has filed for its IPO and applied to list its stock on the Nasdaq Capital Market.

The proposed ticker symbol is BWB.

The registration listed a $50.0 million maximum aggregate offering price for the sole purpose of calculating the registration fee. It named Sandler O'Neill & Partners LP and D.A. Davidson & Co. as joint book-running managers.

The filing also listed selling shareholders, including board member Todd Urness, who beneficially owns 1,408,882 shares, or a 6.75% stake. Urness plans to offer 300,000 shares as part of the offering. Other selling shareholders are Sherri Baack (2.91% stake, with plans to sell 400,150 shares), former board member Blake Bonjean (2.71% stake and selling 200,000 shares), Mark Bonjean (1.12% stake and selling 24,000 shares), Thomas Johnson (2.39% stake and selling 250,000 shares), Wynn Juran (1.53% stake and selling 50,000 shares) and Lucille Brown Minn (2.65% stake and selling 79,019 shares).

Castle Creek Capital Partners V LP and GCP Capital Partners Holdings LLC were also named as selling shareholders. Some of their nonvoting shares will be transferred to the underwriters, which will convert them into common shares for sale in the offering. Castle Creek beneficially holds a 3.99% stake in Bridgewater; GCP Capital and related entities own 4.88%.