First NBC Bank Holdings in New Orleans is looking to sell $100 million worth of shares in its initial public offering.
The $2.8 billion-asset company will offer nearly 4.2 million shares, or 32% of its total equity, at $24 each, it said Friday in a prospectus filed with the Securities and Exchange Commission. The stock began trading Friday on the Nasdaq exchange under the symbol "NBCB".
The underwriters, represented by Keefe, Bruyette & Woods and Sandler O'Neill & Partners, will collectively have the option to buy an additional $15 million worth of shares.
First NBC will use the proceeds to fund organic growth and may consider bank acquisitions, though it has none planned, it said.
First NBC has seen its annual net income steadily rise in the past five years. It made $29.5 million in 2012, an increase of 49% compared to 2011. It has 34 branches and nearly 80% of its loans are in the New Orleans metropolitan area.