PBNC News

Goldman's LBO, PSAV, failed to price this week and officially postponed its offering on Friday, reflecting the uncertain environment currently faced by investors.  The IPO market is struggling to build momentum amid market volatility and macroeconomic disturbances. Along with continued talks of a Brexit, the Fed declined to raise rates again, and the VIX Volatility Index...read more

Paragon Commercial, a North Carolina commercial bank with three branches and $1.3 billion in assets, raised $25 million by offering 736,000 shares at $34, the midpoint of the $33 to $35 range. The company had been quoted on the OTCQX market, and now plans to list on the Nasdaq under the symbol PBNC. Raymond James acted as a lead manager on the deal....read more

The week ahead will see three IPOs, led by Goldman LBO PSAV which will be accompanied by two smaller deals that are already OTC listed. IPO activity is still sluggish, but the gradual increase in trailing 90 day IPO returns over the past month (from 5.6% to 13%) and IPO index outperformance over the past month (+2% vs. S&P +1.6%) may help increase the number of...read more

Paragon Commercial, a North Carolina commercial bank with $1.3 billion in assets, announced terms for its IPO on Friday. The Raleigh, NC-based company plans to raise $25 million by offering 736,000 shares at a price range of $33 to $35. At the midpoint of the proposed range, Paragon Commercial would command a market value of $182 million. Paragon Commercial was founded in...read more