Equity Bancshares, a commercial bank with $1.4 billion in assets and 25 locations in KS and MO, raised $44 million by offering 1.94 million shares (15% insider) at $22.50, within the range of $22 to $24.
The company offered 150,000 more primary shares than it originally planned and priced $0.50 below the midpoint, resulting in a deal size $2.5 million higher and a fully diluted market cap about $1 million lower ($182 million).
Equity Bancshares plans to list on the Nasdaq under the symbol EQBK. Keefe Bruyette Woods and Stephens Inc. acted as lead managers on the deal.
