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CrossFirst Bankshares discloses IPO price range


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CrossFirst Bankshares discloses IPO price range

Leawood, Kan.-based CrossFirst Bankshares Inc. is offering 5,750,000 common shares at between $15 and $17 per share in its IPO.

The company expects to receive net proceeds of roughly $84.5 million, assuming the shares will be sold at the midpoint range of $16, or about $100.5 million if the underwriters will fully exercise their option to purchase up to an additional 1,066,738 common shares within 30 days from the date of the prospectus.

CrossFirst Bankshares also requested that the underwriters reserve up to 426,695 common shares for its directors, executive officers, employees, business associates and other related persons to purchase. The company said the number of common shares that it will offer will be reduced if those persons buy the shares, but any reserved shares that were not purchased will be offered to the general public.

Certain stockholders of the company are selling 1,361,589 common shares.

Keefe Bruyette & Woods Inc., Raymond James, Stephens Inc. and Sandler O'Neill & Partners LP are the underwriters of the IPO.