Most initial public offerings do not price on Friday night and most do not start trading on a Monday morning. Don’t bother telling that to HomeStreet, Inc. (NASDAQ: HMST). The company priced just over 1.8 million shares of common stock at a price of $44.00 per share.
The IPO comes at the middle of the range of a $43.00 to $45.00 price range. This is the holding company for HomeStreet Bank, which provides financial services to consumers and businesses in the Pacific Northwest and Hawaii.
FBR Capital Markets was the sole book-running manager. All of the shares in the public offering are being sold by HomeStreet and the company has granted the underwriters in this offering the option to purchase up to an additional 272,727 shares of common stock at the initial public offering price to cover over-allotments.
HomeStreet is currently traded up at $47.80 in its debut and trading volume is still less than 25,000 shares. This will likely be one of the many extremely thin volume regional and community bank stocks.
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