Wall Street sees Avenue Financial set terms for $30 million IPO

Avenue Financial Holdings, a commercial bank with five locations in the Nashville MSA and $1 billion in assets, announced terms for its IPO on Friday. The Nashville, TN-based company plans to raise $30 million by offering 2.5 million shares (47% insider) at a price range of $11 to $13. At the midpoint of the proposed range, Avenue would command a fully diluted market value of $123 million.

Avenue Financial Holdings, which was founded in 2006 and booked $34 million in net interest and noninterest income and for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol AVNU. Keefe Bruyette Woods is the sole bookrunner on the deal. It is expected to price during the week of February 9, 2015.