Avenue Financial (AVNU) IPO Opens Higher, Drifts Lower

Today's IPO for Avenue Financial (NASDAQ: AVNU) opened for trading at $14.30 after pricing its initial public offering of 2,500,000 shares of its common stock at $11 per share, the low end of the expected $11-$13 range. Shares have since drifted lower to $11.63, or up 5.7%.

Keefe, Bruyette & Woods, Inc. is acting as sole book-running manager for the offering. Sandler O’Neill & Partners, L.P. and Sterne, Agee & Leach, Inc. are acting as co-managers for the offering.

Avenue Financial Holdings, Inc., headquartered in Nashville, Tennessee, was formed as a single-bank holding company in 2006 and operates primarily through its subsidiary, Avenue Bank. The Company’s operations are concentrated in the Nashville MSA, with the vision of building Nashville’s signature bank and serving clients who value creativity, expertise, and an exceptional level of personal service. Avenue Bank embodies Nashville’s creative spirit - redefining how clients experience banking through a unique “Concierge Banking” model. The bank provides a wide range of business and personal banking services, including mortgage loans, with a special emphasis on Commercial, Private Client, Healthcare, and Music & Entertainment banking. The Company serves clients through five locations (a corporate headquarters and four retail branches), a limited deposit courier service (mobile branch) for select commercial clients, and mobile and online banking services.

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