Merchants Bancorp. on Friday priced its initial public offering at $16 a share, below its price range of $17 to $19. The bank sold 6.25 million shares to raise $100 million. The stock will start trading today on the Nasdaq, under the ticker symbol “MBIN.” Proceeds will be partly contributed to the bank’s subsidiary, Merchants Bank of Indiana, to be used for general corporate purposes, including acquisitions and other growth initiatives. Sandler O’Neill, Stephens Inc. and Raymond James were lead managers on the deal with SunTrust Robinson Humphrey acting as co-bookrunner.
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