PUB goes public: People's Utah Bancorp sets terms for $35 million IPO

People's Utah Bancorp, a Utah commercial bank with 18 branches and $1.4 billion in assets, announced terms for its IPO on Friday.

The American Fork, UT-based company plans to raise $35 million by offering 2.5 million shares (9% insider) at a price range of $13 to $15. At the midpoint of the proposed range, it would command a fully diluted market value of $247 million.

People's Utah Bancorp, which was founded in 1998 and booked $72 million in revenue for the 12 months ended March 31, 2015, plans to list on the NASDAQ under the symbol PUB. D.A. Davidson is the sole bookrunner on the deal.