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Butterfield plans to raise $250m from IPO

Stock market: Bank of Butterfield’s proposed IPO on the New York Stock Exchange will see an offering of 10.6 million shares

Butterfield Bank is planning to raise about $250 million by offering 10.6 million shares in connection with its proposed initial public offering on the New York Stock Exchange.

In a registration document filing with the US Securities and Exchange Commission, it has indicated it will be offering 5.9 million common shares, while a further 4.6 million shares will be offered by selling shareholders.

The bank expects the IPO offering price range to be between $22 and $25 per common share.

In its preliminary prospectus with the SEC, dated today, the bank stated its common shares on the Bermuda Stock Exchange closed at $17.60 at the end of last week. This followed a ten-to-one reverse share split that was approved by shareholders at a special meeting at the end of last month.

The bank has previously stated it will continue to trade on the BSX Index as well as any future NYSE listing.

Butterfield Bank has not commented on the latest information as it is observing “IPO quiet period restrictions”.