FirstCaribbean International Bank, a leading bank in Barbados, the Bahamas and Cayman Islands spun out of CIBC, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.
The Barbados-based company was founded in 2002 and booked $495 million in revenue for the 12 months ended January 31, 2018. It plans to list on the NYSE under the symbol FCI. FirstCaribbean International Bank filed confidentially on December 22, 2017. Barclays, UBS Investment Bank and CIBC are the joint bookrunners on the deal. No pricing terms were disclosed.
