Nashville bank Avenue Financial prices $28 million IPO at $11 per share, the low end of the range

Avenue Financial Holdings, a commercial bank with five locations in the Nashville MSA and $1 billion in assets, raised $28 million by offering 2.5 million shares (47% insider) at $11 per share, the low end of the range of $11 to $13. At its offer price, Avenue Financial commands a diluted market value of $113 million. The company plans to list on the NASDAQ under the symbol AVNU. Keefe Bruyette Woods acted as a lead manager on the deal.