Independent Bank Group Readies an IPO of Up to $92M

The deal-hungry Independent Bank Group in Mckinney, Texas, is planning to raise up to $92 million through an initial public offering.

The company filed with the Securities and Exchange Commission to offer nearly 3.7 million shares at a maximum price of $25 per share. The filing does not state what the offering price would be or how many shares it expects to sell. The company was not immediately available for comment.

The $1.7 billion-asset Independent Bank Group has $124.5 million in total equity, the filing states. The 3.7 million shares the company is registering represents around 44% of the 8.3 million shares of common stock that were outstanding as of Jan. 31.

Independent Bank Group will use the money raised to repay approximately $25.4 million in debt and to fund growth, it said in the filing.

The company has expanded in Texas through four acquisitions since 2010. It paid a total of over $420 million to buy Town Center Bank, Farmersville Bancshares, I Bank Holding and The Community Group, according to the SEC filing. The largest of the deals was its $173 million purchase of I Bank Holdings in Austin, which closed in April 2012. Independent Bank Group now has 32 branches, mostly in the Dallas/Fort Worth area.

The company's earnings have risen in each of the last four years, reaching $17.4 million in 2012.