golden phone with IPO stocks purchase app on the screen


Linkbancorp (NASDAQ:LNKB) stock rose 3% in late afternoon trading on Wednesday following its downsized $34M initial public offering and uplisting to Nasdaq.

Shares of the Pennsylvania-based community bank opened at $8.16 after pricing at $7.50 per share. The stock hit an early high of $8.20 before dipping to a low of $7.50 mid-afternoon. The shares recently changes hands at $7.75 at approximately 3:30 p.m. ET.

Linkbancorp offered 4.6M shares priced at $7.50 per share. Underwriters were given a 30-day option to buy up to 686K shares at the IPO price. Stephens and Piper Sandler were serving as joint bookrunners, with D.A. Davidson as co-manager.

Prior to Wednesday, Linkbancorp shares were traded OTC. The stock closed at $9.51 on Tuesday.

The IPO was downsized from a proposal made earlier in September. Under those terms, Linkbancorp would have offered 4.6M shares priced between $8 and $9.50 per share, which would have raised around $40M if priced at the midpoint.

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By admin