River City Bank trades flat in Nasdaq debut after downsized $122 million US IPO
RCBC•Listing and market backdrop
RCBC's IPO was conducted under an FDIC offering circular, rather than a traditional S-1 filed with the U.S. SEC.
The listing adds to growing momentum for U.S. bank IPOs as stronger valuations lure more boardrooms to move forward with listing plans.
Nasdaq debut after downsized IPO
California-based River City Bank's RCBC.O shares traded flat in their Nasdaq debut after a downsized $121.5 million U.S. IPO.
The stock opened flat at the $45 IPO price and was last trading at $45.25.
The commercial bank late on Wednesday announced pricing of the downsized IPO of 2.7 million shares at $45 apiece.
Shareholders and offering details
Two longtime RCBC shareholders associated with the family of the bank's founder, Jon Kelly, sold all shares in the IPO.
RCBC, which had $6 billion in assets as of June 30, had initially marketed priced between per share.
