Bridgewater Bancshares (BWB) IPO Opens 8% Higher

Today's IPO for Bridgewater Bancshares (NYSE: BWB) opened for trading at $12.66 after pricing 6,700,000 shares at $11.75.

Of the 6,700,000 shares being sold in the offering, Bridgewater is selling 4,374,513 shares, and certain shareholders of Bridgewater are selling 2,325,487 additional shares.

In addition, Bridgewater has granted the underwriters a 30-day option to purchase up to an additional 1,005,000 shares of its common stock at the initial public offering price, less the underwriting discount.

Sandler O'Neill+ Partners, L.P. and D.A. Davidson & Co. are acting as joint book-running managers for the proposed offering.

Bridgewater Bancshares, Inc. is the holding company for Bridgewater Bank, a full-service commercial bank formed in 2005 to serve the diverse needs of commercial real estate investors, small business entrepreneurs and high-net-worth individuals. Bridgewater Bank has six locations serving clients across the Minneapolis-St. Paul-Bloomington metropolitan statistical area in Minnesota and offers a full array of simple, quality loan and deposit products primarily for commercial clients. As of December 31, 2017, Bridgewater Bank had total assets of approximately $1.6 billion, total loans of approximately $1.3 billion, total deposits of approximately $1.3 billion and total shareholders' equity of approximately $137.2 million.

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