First Business Financial Services Inc., the Madison-based parent company of First Business Bank and First Business Bank-Milwaukee, announced it has priced a public offering of 1.1 million shares of common stock at $23.00 per share.
The company expects to close the offering on Monday, Dec. 10.
Stifel, Nicolaus & Company Inc. is serving as lead manager and sole book runner, and Raymond James & Associates Inc. and FIG Partners LLC are serving as co-managers for the offering. The company has granted the underwriters a 30-day option to purchase up to an additional 165,000 shares, representing 15 percent of the total number of shares to be sold by the company in the offering, to cover over-allotments, if any.
The company expects that the net proceeds from this offering will support the future growth of its organization by allowing the company to accelerate its organic growth in existing or new markets and to potentially pursue opportunistic acquisitions of similar or complementary financial services organizations. The immediate use of the net proceeds from this offering will be to repay a portion of the company’s existing subordinated debt.
