LONDON-BASED FINTECH FIRM VersaBank announced Monday that it has started the process for an initial public offering of its shares in the U.S. and a marketed public offering of shares in Canada.
In connection with the U.S. IPO, VersaBank filed to list its common shares on the Nasdaq Global Select Market under the ticker VBNK.
Story Continues Below
VersaBank, a Canadian chartered bank and fully digital financial institution, said it expects trading of its common shares to start on Nasdaq after pricing of the offering. VersaBank common shares will continue to trade on the Toronto Stock Exchange under the symbol VB.
A syndicate of underwriters will conduct the offer, led by Raymond James & Associates Inc. as sole bookrunning manager and Keefe, Bruyette & Woods Inc., as co-manager. The price and total size of the offering will be determined when entering into an underwriting agreement for the offering.
According to a released statement, VersaBank says it plans to use net proceeds for general banking purposes.
Story Continues Below
A technology-focused digital Canadian Schedule I chartered bank, VersaBank operates using an electronic branchless model, sourcing deposits, consumer loans, commercial loans and leases through an electronic network. The bank provides residential and commercial mortgages that it sources directly and through a network of brokers.
The bank established wholly owned, Washington, DC-based subsidiary, DRT Cyber, to pursue large-market opportunities in cyber security and develop solutions to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities on a daily basis.
Anica Peter, manager of human resources and health & safety with the Municipality of North Middlesex, shares her unique perspective…
Julie DiGirolamo and Jennifer Emond of Ultimate Bath Systems share their unique perspective on what it takes to build and…
A look at the Canadian cities shaping executive travel, and why Toronto, Vancouver, Calgary and Montréal matter to London, Ontario…
Because businesses change, the way they operate on a daily basis must evolve too
A guide to understanding Ontario's online tobacco retail market and its regulatory framework
The Isle of Wight is packed with unforgettable activities and attractions for visitors of all ages