Square 1 Financial Prices IPO Above Range

(RTTNews) - Square 1 Financial, Inc. said Wednesday that it has priced its initial public offering of 5,781,126 shares of its Class A common stock at a price to the public of $18.00 per share, which is above the prior estimated range of $15.00 to $17.00 per share.

Of the 5,781,126 shares sold in the public offering, 3,125,000 were shares of Class A common stock sold by Square 1 and 2,656,126 were shares of Class A and Class B common stock by certain selling shareholders. The Class B common stock will convert to Class A common stock upon sale in the offering.

The underwriters have an option to purchase up to an additional 867,167 shares of Class A common stock at the initial public offering price, less the underwriting discount, within 30 days from the date of the offering. Of the 867,167 shares subject to the underwriters' option, 468,750 shares would be purchased from the company and 398,417 shares would be purchased from the selling shareholders.

The common stock has been approved for listing on the NASDAQ Global Select Market and is expected to begin trading on Thursday, March 27, under the symbol "SQBK."

The offering is expected to close on or about March 31.