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HBT Financial prices IPO

HBT Financial Inc. priced the underwritten IPO of 8.3 million common shares at a price to the public of $16 per share.

The underwriters will have a 30-day option to buy an additional 1,245,000 shares from the company at the IPO price, less underwriting discounts and commissions.

The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol HBT beginning Oct. 11. The offering is expected to close Oct. 16.

After deducting estimated underwriting discounts and commissions and offering expenses, proceeds from the offering are expected to be about $121.3 million, or roughly $139.8 million if the underwriters fully exercise their option to purchase additional shares. The company intends to use the net proceeds, together with dividend payments from units Heartland Bank and Trust Co. and State Bank of Lincoln to fund a $170.0 million distribution to its existing stockholders.

Keefe Bruyette & Woods and J.P. Morgan are acting as joint book-running managers for the offering. Raymond James, Sandler O'Neill & Partners LP and D.A. Davidson & Co. are serving as co-managers.