South Plains Financial (SPFI) IPO Opens Flat

Today's IPO for South Plains Financial, Inc. (NASDAQ: SPFI), the bank holding company for City Bank, opened earlier at $17.75 after pricing of its initial public offering of 3,380,000 shares of common stock at a price to the public of $17.50 per share. The shares are expected to begin trading on the NASDAQ Global Select Market on May 9, 2019 under the symbol “SPFI.” South Plains is offering 2,700,000 shares of its common stock and a selling shareholder is offering 680,000 shares. The offering is expected to close on May 13, 2019, subject to customary closing conditions.

In addition, South Plains has granted the underwriters a 30-day option to purchase up to 507,000 additional shares of South Plains common stock at the initial public offering price less underwriting discounts.

Keefe, Bruyette & Woods, A Stifel Company and Sandler O’Neill + Partners, L.P. are acting as joint book-running managers.

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