VersaBank announces IPO in the US and PO in Canada

VersaBank has issued a statement announcing the launch of a marketed public offering of its common shares in the United States and Canada. This represents VersaBank’s initial public offering in the United States.

As part of the initial public offering in the United States, VersaBank has sent in an official application to list its common shares on The Nasdaq Global Select Market under the ticker “VBNK”.

Trading of VersaBank’s common shares is scheduled to kick off on the Nasdaq once the rates are set for the offering. VersaBank’s common shares will remain available on the Toronto Stock Exchange (TSX) under the symbol “VB”.

The offering will be facilitated via a syndicate of underwriters led by Raymond James & Associates, Inc. which will act as sole book-running manager, while Keefe, Bruyette & Woods, Inc. will serve as co-managers. 

One report indicates that the lender hopes that the net proceeds of the offering will be useful towards general banking needs and will also qualify as “Common Equity Tier 1 capital for the Bank”.

The offering is now awaiting all the necessary regulatory approvals, including an Underwriting Agreement, the Nasdaq and TSX listing, and any required approvals of the Nasdaq and the TSX.