Everett, Wash.-based Coastal Financial Corp. announced the launch of its initial public offering of common stock.
The company plans to offer 2,150,000 common shares, while a selling shareholder intends to offer 570,000 shares of the company's common stock.
Coastal Financial expects to grant the underwriters a 30-day option to purchase up to an additional 408,000 common shares.
The shares are expected to be priced between $13.00 and $15.00 each. The company has applied to list its common stock on the Nasdaq Global Select Market under the trading symbol CCB.
Net proceeds from the offering will be used to support the company's growth and for general corporate purposes, including repayment or refinancing of debt and maintenance of required regulatory capital levels. Coastal Financial will not receive any proceeds from the sale of shares by the selling shareholder.
Keefe Bruyette & Woods and Hovde Group LLC are serving as the joint book-running managers for the offering.