Bridgewater Bancshares Inc. has launched its initial public offering of 6.7 million common shares.
The Bloomington, Minn.-based company is offering 4,374,513 common shares, while selling shareholders are offering 2,325,487 shares.
The offering is expected to be priced between $10.50 per share and $12.50 per share. Net proceeds are estimated to be around $46.2 million if the offering was priced at $11.50 per share.
Net proceeds are to be used to support growth, including making larger loans, as well as for general corporate purposes, including repayment of debt, maintenance of required regulatory capital levels and funding of new branches or potential future acquisitions. The company will not receive any proceeds from selling shareholders.
Underwriters have a 30-day option to buy up to an additional 1,005,000 shares.
Sandler O'Neill & Partners LP and DA Davidson & Co. are acting as joint book-running managers for the offering.
