HBT Financial Inc. launched its IPO, offering 8,300,000 common shares with a price range of between $17 and $19 per share.
The Bloomington, Ill.-based bank granted underwriters a 30-day option to purchase up to an additional 1,245,000 common shares. The IPO has a maximum offering price of $181.4 million, according to a regulatory filing.
HBT Financial plans to use the net proceeds to fund a distribution to existing shareholders worth $170 million. The distribution will be made after closing of the IPO. If the IPO net proceeds are insufficient for the distribution, it plans to have Heartland Bank and Trust Co. and/or State Bank of Lincoln pay dividends to the parent company to cover the deficit.
The company may also use net proceeds for growth purposes.
Keefe Bruyette & Woods and J.P. Morgan are the joint book-running managers of the IPO. Raymond James, Sandler O'Neill & Partners LP and D.A. Davidson are the co-managers.
