The Bank of Butterfield has closed its initial public offering of shares on the New York Stock Exchange.

The bank put more than 12.2 million of its ordinary shares up for sale in New York, at a price of $23.50 per share.

Around 5.9 million of the shares were sold by Butterfield and more than 6.2 million came from selling shareholders in line with the underwriters’ option to buy additional shares, which was exercised in full before the IPO closed.