Level One Bancorp (LEVL) IPO Opens Modestly Higher
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Today's IPO for Level One Bancorp, Inc. (NASDAQ: LEVL) opened for trading at $29 after pricing 1,200,000 shares of its common stock at a public offering price of $28.00 per share. The offering was upsized from the previously announced offering size of 1,000,000 shares of common stock. Of the 1,200,000 shares being sold in the offering, Level One is selling 970,765 shares, and certain shareholders of Level One are selling 229,235 additional shares.
In addition, Level One has granted the underwriters a 30-day option to purchase up to an additional 180,000 shares of its common stock at the initial public offering price, less the underwriting discount, to cover any over-allotments.
Raymond James & Associates, Inc. and Keefe, Bruyette & Woods, Inc. are acting as joint bookârunning managers and Piper Jaffray & Co. is acting as co-manager for the offering.
Level One Bancorp, Inc. is the holding company for Level One Bank, a full-service commercial and consumer bank headquartered in Michigan with assets of approximately $1.3 billion as of December 31, 2017. It operates twelve banking centers throughout Southeast Michigan and West Michigan. Level One Bank's success has been recognized locally and nationally as the U.S. SBA 'Community Lender of the Year' and 'Export Finance Lender of the Year', S&P Global's Top 10 'Best-Performing Community Banks' in the nation, Inc. Magazine's list of 5,000 'Fastest Growing Private Companies in America', and American Banker Magazine's 'Best Banks to Work For'. The Commercial Division provides a complete menu of products including lines of credit, term loans, leases, commercial mortgages, SBA loans, Export-Import financing, and Treasury Management and Private Banking services. The Consumer Division offers personal savings and checking accounts and a complete array of consumer loan products including residential mortgages, home equity, auto, and credit card services.
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