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First Western Financial prices IPO


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First Western Financial prices IPO

First Western Financial Inc. priced the IPO of 1,975,000 common shares at $19 apiece.

The Denver-based company is offering 1,625,527 of such shares, while certain noninsider selling shareholders of First Western are offering an aggregate 349,473 shares.

The underwriters were also granted a 30-day option to buy up to an additional 296,250 shares.

First Western's common stock is expected to start trading on the Nasdaq Global Select Market on July 19 under the symbol MYFW.

The company plans to use the net proceeds and available cash on hand or borrowings under its existing credit facility to redeem all of the outstanding shares of its preferred stock and all of its subordinated notes due 2020. Any net proceeds may also be used to support the company's organic growth and for general corporate purposes, including maintenance of its required regulatory capital. First Western will not receive any proceeds from the sale of shares by the selling stockholders.

Keefe Bruyette & Woods and Stephens Inc. are serving as joint book-running managers for the offering, with Sandler O'Neill & Partners LP acting as co-manager.