First Republic Bank, the former Bank of America Corp. unit backed by Colony Capital LLC and General Atlantic LLC, raised $281 million in its initial public offering.

The company said it sold 11 million shares at $25.50 apiece after offering them at $24 to $27 on Wednesday.

Its stock closed Thursday at $27.92, up nearly 9.5% in its first day of trading.

Colony Capital and General Atlantic led a group that invested $1.86 billion of equity capital in First Republic at midyear. They each planned to sell about 1.67 million shares in the IPO and retain 19.8% stakes, according to the filing.

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