National Commerce, a commercial bank with 14 offices in Alabama and Florida and $1.1 billion in assets, announced terms for its IPO on Tuesday.
The Birmingham, AL-based company plans to raise $31 million by offering 1.6 million shares (4% insider) at a price range of $18.50 to $20.50. At the midpoint of the proposed range, National Commerce would command a fully diluted market value of $178 million.
National Commerce, which was founded in 2004 and booked $34 million in sales for the 12 months ended December 31, 2014, plans to list on the NASDAQ under the symbol NCOM. Keefe Bruyette Woods is the sole bookrunner on the deal. It is expected to price during the week of March 16, 2015.