John Delaney's Forbright targets $994 million valuation in US IPO
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A trader works at his post on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 1, 2026. REUTERS/Brendan McDermid
By Arasu Kannagi Basil
June 2 (Reuters) - Forbright, founded by former U.S. Representative John Delaney, is targeting a valuation of up to $993.8 million in its U.S. initial public offering, as a strong run of new listings by U.S. banks extends into 2026.
Chevy Chase, Maryland-based Forbright is seeking to raise up to $158 million by offering 7.9 million shares priced between $18 and $20 apiece, it said on Tuesday.
Several U.S. banks have tapped public markets over the past 12 months after the 2023 regional banking crisis hampered activity, as stronger valuations encourage boardrooms to move ahead with their listing plans.
Five U.S. banks went public in 2025, versus just one between 2023 and 2024, according to Dealogic data.
Forbright traces its history to Congressional Bank, which was established in 2003 as a community bank serving the Washington D.C. area.
Its platform spans middle-market lending, digital consumer banking, strategic advisory and asset management services.
"2026 IPO activity so far is largely concentrated to a few themes, but success builds on itself and we see the summer IPO market broadening to new sectors," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
"We're now seeing the IPO pickup extend to the financials sector."
GROWTH SPURT
Delaney, Forbright's CEO, spent six years in Congress representing Maryland and stepped down in 2019 to pursue an unsuccessful run for the Democratic Party's 2020 presidential nomination.
Forbright's growth accelerated after Delaney returned to the private sector in 2020.
Delaney led a $369 million equity infusion in 2021 from an investor consortium, including Centerbridge Partners, Gallatin Point Capital and Bayview Asset Management.
The capital infusion fueled strong growth, with Forbright's assets vaulting from $1.9 billion in 2020 to $8.2 billion as of March 31.
Goldman Sachs, J.P. Morgan and Barclays are among the underwriters. Forbright will list on the Nasdaq under the symbol "FRBT."
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shinjini Ganguli)
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