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
Dave hoff heashot 300x300

Does Learning Agility Decline with Age?

Dave Hoff - EASI Consult
Geofflosee300x300 10221511305

Protect Yourself and Your Business from Cybersecurity Threats

Geoffrey Losee - Rountree Losee LLP
Rob20beale2 311791810

Company Longevity: Reflecting on 60 Years

Rob Beale - W.M. Jordan Company

Trending News

Ohio Company Acquires Wilmington Based Environmental Consulting Firm

Cece Nunn - Jul 19, 2018

Area Restaurants Earn Wine Spectator Recognition

Jessica Maurer - Jul 18, 2018

New Businesses Open, On The Way To Beau Rivage Marketplace

Cece Nunn - Jul 20, 2018

Airport Terminal Expansion Project Set To Move Forward Ahead Of Schedule

Christina Haley O'Neal - Jul 19, 2018

Local Food Delivery Services React To Uber Eats

Jessica Maurer - Jul 18, 2018

In The Current Issue

Hospital Offers Enhanced Recovery After Surgery

Novant Health Brunswick Medical Center recently started offering a new service for patients who have undergone colorectal surgery....


PPD Introduces New Patient Enrollment Model

Wilmington-based PPD recently introduced a new patient enrollment model “that significantly reduces the time and cost of conducting clinical...


Orthopedic Practice Continues To Grow

EmergeOrtho is expected to continue to expand in the Cape Fear region and beyond. The physician-owned orthopedic practice is set to break gr...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes