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Bridgewater Bancshares closes IPO, raises $58.4M

Bloomington, Minn.-based Bridgewater Bancshares Inc. sold 5,379,513 common shares in its IPO, for net proceeds of $58.4 million.

The share count includes the 1,005,000 shares covered by the underwriters' overallotment option, which was exercised in full. Stockholders sold an additional 2,325,487 common shares. Bridgewater received no proceeds from the sales by stockholders.

The stock began trading March 14 on the Nasdaq Capital Market under the ticker symbol BWB.