trending Market Intelligence /marketintelligence/en/news-insights/trending/L8kdiLFGlGcIjPpKxHZ8Rw2 content esgSubNav
In This List

Mercantil Bank Holding cuts IPO

Podcast

Street Talk | Episode 98: Regulatory scrutiny having cooling effect on community bank M&A

Blog

Insight Weekly: M&A outlook; US community bank margins; green hydrogen players' EU expansion

Podcast

Street Talk | Episode 97: Recessionary fears still keeping bank investors on the sidelines

Blog

Making sanctions effective: Key themes for banks


Mercantil Bank Holding cuts IPO

Coral Gables, Fla.-based Mercantil Bank Holding Corp., the holding company of the Amerant Bank NA, cut the amount of shares it is offering in its IPO, and lowered the pricing.

The company is offering 1,377,523 of its class A common shares at an expected offering price of $13 per share, down from its previous offering of roughly 6.1 million shares at an expected price of between $16.50 and $18.50 per share. Shareholder Mercantil Servicios Financieros CA is also selling all of its 4,922,477 shares in the IPO.

The underwriters have a 30-day option to purchase up to 945,000 additional shares.

The company expects to generate $17.9 million in net proceeds, or $30.2 million if the underwriters fully exercise their additional-share option.

The proceeds will be used to repurchase approximately 1.42 million shares of the company's class B common stock held by a distribution trust on behalf of Mercantil Servicios.

The balance will be used to redeem three series of the company's highest cost outstanding trust preferred securities and for general corporate purposes.

Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. are acting as joint book-running managers. Stephens Inc. is acting as lead manager, and SunTrust Robinson Humphrey Inc. and FIG Partners LLC are acting as co-managers for the offering.