SVB Financial (SIVB) in Santa Clara, Calif., has filed to sell nearly 4.5 million shares of common stock.
The $29.7 billion-asset company said in a regulatory filing Monday that it is looking to sell 3.9 million shares, but could sell another 585,000 shares if there is enough demand. SVB did not provide a targeted price though, based on the company's closing price of $103.92 on Monday, the offering could bring in more than $466 million.
SVB said it plans to use the offering's net proceeds for general corporate purposes to support plan to expand its business and operations. Its plans could include using the funds for working capital, capital expenditures and continued lending.