Coral Gables, Fla.-based Mercantil Bank Holding Corp. closed an initial public offering of 6.3 million class A common shares at $13 per share.
The company sold 1,377,523 class A common shares and a selling shareholder sold 4,922,477 class A shares.
Mercantil Bank Holding will use net proceeds to buy back about 1.42 million class B shares held by the selling shareholder. The repurchases could rise to about 2.39 million class B shares if the underwriters fully exercise their overallotment option to purchase up to an additional 945,000 class A shares.
As announced in October, Mercantil Bank Holding is planning to change its name to Amerant.