Bankwell Financial Group (BWFG) of New Canaan, Conn., raised nearly $49 million through its initial public offering.

The $780 million-asset company's shares debuted at $18 each on Thursday. The stock was flat at the close of trading, ending the day at the IPO price.

Bankwell, which also filed last month also filed to sell nearly $11 million in preferred stock, said it could use the proceeds from the offerings to fund loans and acquisitions, including its pending purchase of Quinnipiac Bank & Trust in Hamden, Conn.

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