Texas-based bank PlainsCapital sets IPO terms

PlainsCapital, which provides banking, mortgage origination and financial advisory service, announced terms for its IPO on Wednesday. The Dallas, TX-based company plans to raise $225 million by offering 15 million shares at a price range of $14.00 to $16.00. At the mid-point of the proposed range, PlainsCapital will command a market value of $661 million. PlainsCapital, which was founded in 1987 and booked $431 million in revenue over the last 12 months, plans to list on the NYSE under the symbol PCB. J.P. Morgan is the lead underwriter on the deal, which is expected to price during the week of November 2.