Merchants Bancorp said Monday that it expects its planned initial public offering to price between $17 a share and $19 a share. That means the Indiana-based bank holding company, which is looking to sell 5.56 million shares, could raise $105.6 million in the IPO, or up to $121.4 million if all the options to buy additional shares granted to underwriters are exercised. The company has applied to have its stock listed on the Nasdaq Capital Market under the ticker symbol “MBIN.” The lead underwriters are Sandler O’Neill, Stephens, Raymond James and SunTrust Robinson Humphrey. The company is planning to go public at a time when the SPDR Financial Select Sector ETF has gained 4.9% over the past three months and the S&P 500 has tacked on 3.8%.
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