OP Bancorp (NASDAQ: OPBK) has completed its initial public offering of common stock for $25.3 million, with D.A. Davidson & Co. serving as co-manager.
OP Bancorp priced its offering at $11.00 per share, which the company said will be used to implement organic growth and for general corporate purposes. Due to strong investor demand, the underwriters have exercised their right to purchase additional shares for the over-allotment, resulting in total shares issued of 2,300,000 at $11.00 per share. The total proceeds were $25.3 million, before offering expenses.
This is the 30th private or public offering of equity or debt that D.A. Davidson has completed since the beginning of 2015 for banks, thrifts or investment companies, raising over $1.5 billion in aggregate proceeds.
Full details regarding the IPO can be found here.