CHICAGO -- Byline Bancorp said it will launch an initial public offering of shares of its common stock.
Of the 5.7 million shares of Byline's common stock to be sold in the offering, Byline is offering approximately 3.8 million and certain stockholders are offering 1.9 million shares.
The Chicago-based bank, with 50 branch offices including Des Plaines, Downers Grove, Oswego, Schaumburg, and Tinley Park,
said it intends to use the proceeds to repay outstanding balance on its line of credit, repurchase outstanding Series A Preferred Stock, and general corporate purposes.
Byline expects to grant the underwriters a 30-day option to purchase up to an additional 855,000 shares of its common stock. The initial public offering price is currently expected to be between $19.00 and $21.00 per share of common stock. Byline's common stock has been approved for listing on the New York Stock Exchange (NYSE) under the ticker symbol "BY," subject to official notice of issuance.
Byline Bank had $3.3 billion in assets at March 31.