Investar Holding (ISTR) in Baton Rouge, La., raised more than $40 million from its initial public offering.

The $673 million-asset company said in a press release Thursday that it sold nearly 2.9 million shares of common stock during its IPO. Investar's shares began trading on the Nasdaq on Tuesday, when shares opened at $14.23 a share.

Investar said its underwriters have a 30-day option to buy up to an additional 431,250 shares at the IPO price. Sandler O'Neill was the lead book-running manager; Sterne Agee & Leach was a co-lead manager.

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