s of Thursday, a crypto-friendly financial institution, Silvergate Bank, formally commenced the selling of shares on the New York Stock Exchange (NYSE). Silvergate Bank gets listed on the New York Stock Exchange.
As per the NYSE’s Twitter handle, hardly one year after filing its first initial public offering, Silvergate initiated its “IPO Day” on the NYSE. The announcement came immediately after SIlvergate received clearance for its proposal to initiate an IPO from the U.S. Securities and Exchange Commission (SEC).
Silvergate Bank intends to offer 3,333,333 shares of Class A common stock and has priced each share at $12 as of November 6, 2019. Additionally, as per the bank’s press release, the Bank intends to offer 1 million shares directly whereas around 2.5 million shares would be offered by the bank’s shareholders.
Such estimates are more optimistic than the revised S1 report published late October 2019, in which the firm valued per stock at a limit of $15 and tried to collect nearly $65 million in total. If the bank offers 3.3 million shares at $12 apiece, the bank would only raise around $40 million.
Moreover, Silvergate Bank plans to sell these shares by November 12, 2019, under the “SI” ticker.
Silvergate currently offers banking services to over 750 client firms from the crypto industry. These include crypto exchanges, investors, and other institutional customers. The number of clients had risen significantly from March 2019, wherein Silvergate had reported 542 clients. However, there was a considerable increase from November 2018 to March 2019 in the number of clients Silvergate handled. Conversely, there was a marginal decrease in its assets which fell from about $1.6 billion to $1.5 billion in 2018.
There was no immediate response from Silvergate for further clarification.
Nevertheless, Silvergate demonstrated an increase in assets showcasing $1.55 billion in deposits in its September filing.