Live Oak Bancshares, parent of Wilmington-based Live Oak Bank, netted about $76.8 million from its initial public offering of voting common stock last week, the company reported in a filing with the Securities and Exchange Commission earlier this week. That amount exceeded the company’s initial target of about $72 million because Live Oak originally planned to issue only 4 million shares but upped its offering to 4.8 million before opening the IPO July 23. The IPO was fully subscribed on its first day, although it did not officially close until Tuesday.
 
In addition, lead investor Sandler O’Neill Investment Banking Group exercised its option to purchase an additional 700,000 shares at the public offering price of $17 per share, less “customary underwriting discounts and commissions,” the company announced in a news release Friday. The additional shares were delivered to the underwriters Friday, the release stated.
 
The stock, which trades under the LOB symbol on the Nasdaq exchange, has moved higher in the past week. As of mid-afternoon Friday the price per share was $20.35, with more than 133,000 shares having been traded by that point Friday.