Top Nav

Independent Bank Group IPO Up Big

Ian Wyatt

Independent Bank Group (IBTX) became the first company to go public in April today.

The Texas-based bank debuted at $26 a share, the high end of its expected range. As of 2 p.m. eastern time, the stock had risen to $29.60 – a first-day increase of nearly 14%.

Independent Bank Group raised $83 million in its IPO. With 3.2 million shares sold, that gave it a $304 million market value at the time of its IPO. The stock began trading on the NASDAQ under the ticker symbol IBTX.

The bank boasts 30 locations in the Dallas/Fort Worth area.

The $83 million Independent Bank group raised in its IPO adds to the $7.5 billion haul initial public offerings as a whole raised in the first quarter. While the number of IPOs was down last quarter, the amount of money raised was a 29% improvement from the first quarter a year ago. Zoetis (NYSE: ZTS), a spin-off of Pfizer (NYSE: PFE), made the biggest haul, racking up $2.57 billion in its IPO — the most profitable debut since Facebook (NASDAQ: FB).

Perhaps those returns – combined with the fact that U.S. markets are at all-time highs – will convince more companies to go public in the coming months.

Income and Prosperity Offer

Income & Prosperity is designed to help you seek out the safest income opportunities and discover an entire world of dividend investments. This free newsletter has a laser-like focus on one issue and one issue only: how can investors near or in retirement generate more income. Each day, you'll receive our best investment idea - skewed towards safe income - but also including lesser known opportunities to grow your wealth while keeping it out of harm's way.
You've successfully subscribed, click the link in your email to confirm your subscription.
There was an error, and you have not been subscribed, please try again.