Georgia Banking jumps in Nasdaq direct listing
GBC•Georgia Banking shares rose 18.33% to $35.50 in its Nasdaq direct listing after opening at $60, then pared gains to trade lower. The company completed a $77.7 million private placement at $30 per share in June and had roughly $3.3 billion in assets as of June 30.
1. Direct listing debut
Georgia Banking shares began trading on Nasdaq at $60 apiece and later pared gains to trade lower. Shares were reported up 18.33% at $35.50 in afternoon trading.
2. Company details
The Atlanta-based bank holding company completed a $77.7 million private placement in June at $30 per share, led by Fortress Investment Group. Georgia Banking had roughly $3.3 billion in assets as of June 30 and provides commercial, community, private, commercial real estate and mortgage warehouse banking, as well as treasury services. Performance Trust Capital Partners acted as financial adviser on the direct listing.
