Hot demand for shares of Enterprise Bancorp in Lowell, Mass., has prompted the bank to double the size of its secondary offering.
The $2.3 billion-asset Enterprise said the offering could now fetch as much as $20 million in capital, up from $10 million when it commenced on April 12. The company has said the proceeds from the offering will be used to support growth.
Enterprise has increased the number of common shares available in the overall offering to 930,232 from 465,116 based on oversubscription requests from its current shareholders and to accommodate "considerable interest" from new investors, the company said in a news release Monday. The price remains unchanged at $21.50 per share.
The offering had been scheduled to expire for existing stockholders on May 27 and for new investors on June 10. Enterprise instead will give investors until June 17 to make or update their stock orders.