South Plains Financial (SPFI) to Raise $63 Million in IPO

South Plains Financial (SPFI) plans to raise $63 million in an IPO on Thursday, May 9th, IPO Scoop reports. The company will be issuing 3,400,000 shares at a price of $17.50-$19.50 per share.

In the last year, South Plains Financial generated $118.1 million in revenue and $20.8 million in net income. The company has a market-cap of $323.2 million.

Keefe, Bruyette & Woods (A Stifel Company) and Sandler O’Neill + Partners acted as the underwriters for the IPO.

South Plains Financial provided the following description of their company for its IPO: ”  We are a bank holding company headquartered in Lubbock, Texas, and City Bank is one of the largest independent banks in West Texas. We have additional banking operations in the Dallas-Fort Worth-Arlington and El Paso MSAs, as well as in the Greater Houston, College Station, and Ruidoso and Eastern New Mexico markets. Through City Bank, we provide a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in our market areas. “.

South Plains Financial was founded in 1944 and has 684 employees. The company is located at 5219 City Bank Parkway, Lubbock, TX 79407, US and can be reached via phone at (806) 792-7101 or on the web at http://www.city.bank.

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