BankFlorida, a community bank with one branch in Southern Florida, filed updated terms for its upcoming IPO on Wednesday. The company originally filed for an IPO in October, but postponed amid heightened volatility. The company filed its IPO papers with the FDIC as an offering circular.
The Palm Beach Gardens, FL-based company now plans to raise $42 million by offering 4.2 million shares at a price range of $9.50 to $10.50. At the midpoint, it would command a market value of $51 million. BankFlorida had previously filed to offer 6.2 million shares at a range of $10 to $11.
BankFlorida was founded in 2007 and booked $3 million in revenue for the 12 months ended December 31, 2018. It plans to list on the Nasdaq under the symbol BFL. B. Riley FBR is the sole bookrunner on the deal. It is expected to price during the week of February 4, 2019.
