Live Oak Bancshares withdraws $86 million IPO

Live Oak Bancshares, which lends to small businesses in niche industries across the country, withdrew its plans for an initial public offering on Tuesday citing a successful private placement to institutional investors.

Live Oak originally filed for an $86 million IPO in April 2014. At the time of its filing, primary shareholders had included Chairman and CEO James Mahan, William Williams and Neil Underwood.

Unlike Live Oak, most bank IPOs this year have been regional. The group of 9 bank IPOs has averaged a 7% gain from the IPO price, underperforming the broader group. The year's largest finance IPO, Citizen's Financial Group (CFG), is expected to price next week in a deal that could raise over $3 billion.

The Wilmington, NC-based company was founded in 2008 and booked $58 million in revenue for the 12 months ended December 31, 2013. It hand planned to list on the NASDAQ under the symbol LOB. Keefe Bruyette Woods was set to be the sole bookrunner on the deal.