Print
Banking & Finance

Live Oak Debuts On Nasdaq

By Jenny Callison, posted Jul 23, 2015
Live Oak Bank officials celebrate the debut of LOB stock Thursday at Nasdaq. (Photo courtesy of Nasdaq)
One day after the Securities and Exchange Commission approved Live Oak Bancshares' request for an intial public offering of common stock, the company began selling shares Thursday.

The company is the parent of Wilmington-based Live Oak Bank, which specializes in making SBA-guaranteed loans to businesses in specific industries, such as independent pharmacists, veterinarians, medical and dental practices, family entertainment centers and funeral services.

Live Oak shares were available on the Nasdaq as of the opening bell Thursday, Live Oak Bank spokesman Micah Davis said in an email.

In a separate news release Thursday morning, Live Oak Bancshares announced it had set the price of its voting common stock at $17 per share and would be offering 4.8 million shares. The offering is expected to close on or about July 28, according to the release.

Underwriters have an option to purchase up to an additional 700,000 shares of voting common stock at the initial public offering price, less the underwriting discount, within 30 days from the date of the offering. 

As of 3:30 p.m. Thursday, the price of the stock, listed under the symbol LOB, had reached $18.55, according to the Nasdaq website.

The company filed its intention to explore a public offering June 22, after filing for a possible IPO in April 2014, which it subsequently withdrew in September.

Earlier this month, Live Oak Bancshares announced the number of shares it planned to offer and stated that the per-share offering price would be in the $16 to $18 range.

Proceeds of the IPO will be used to support organic growth in Live Oak Bank’s lending within its existing target industries as well as for expansion into new industry verticals, according to information in the company's SEC Form S-1. Proceeds would also be used to develop a new online lending platform for originating loans of less than $350,000, to support the growth of the bank’s balance sheet and “for general corporate purposes,” which could include possible acquisitions of – or investments in – other banks or non-bank entities, the document states.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Img 1576c1

Is Diversification Oversold?

Eddie Nowell - South Atlantic Capital Management Group
Fredheadshot 5119113348

5 Ways to Ensure Long-Lasting, Quality Window Treatments

Fred Kumpel - Strickland's Home
Geofflosee300x300 10221511305

Got Flood Insurance? Get That Proof of Loss Form in Quickly!

Geoffrey Losee - Rountree Losee LLP

Trending News

Cameron Apartment Project Rezoning Request To Come Before Planning Board

Jenny Callison - May 23, 2019

New Tenants Announced For Leland Retail Center

Cece Nunn - May 23, 2019

With More Businesses Opening, South Front District Close To Full Occupancy

Johanna Cano - May 23, 2019

Reprisal Crew Readies For Action In Wilmington

Jenny Callison - May 24, 2019

Local Communications Co-op Offering Wireless Service Again

Johanna Cano - May 24, 2019

In The Current Issue

Columbus Ship Replica Comes To Wilmington

Modeled after the Santa Maria, the Nao Santa Maria has been on display at Port City Marina...


The Economy Of Outdoor Offerings

Outdoor venues provide spaces to let the good times roll, but is the money rolling in too? It seems to be. Despite last year’s hurricane, ti...


Info Junkie: Jim R. Roberts

Info Junkie Jim R. Roberts, Founder of Network for Entrepreneurs in Wilmington (NEW) and Wilmington Angels for Local Entrepreneurs (WALE), o...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018