First Business Financial Services (FBIZ) in Madison, Wis., will raise up to $25.3 million through a common stock offering.

The $1.2 billion-asset company said Tuesday that it expects to use the proceeds to support organic growth in existing or new markets and to pursue acquisitions of similar or complementary financial services organizations. The company will also use the funds to repay a portion of its existing subordinated debt.

First Business will sell 1.1 million shares at $23 a share. It expects to complete the offering on Monday.

Stifel, Nicolaus & Co. is the lead manager and sole book runner; Raymond James & Associates and FIG Partners are the offering's co-managers. First Business has granted the underwriters a 30-day option to purchase up to an additional 165,000 shares to cover over-allotments.

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