National Bank, Capital Bank rise after IPOs
National Bank and Capital Bank IPOs price below expectations but shares trade higher
NEW YORK (AP) -- Shares of National Bank Holdings and Capital Bank Financial both rose Thursday on their first day of public trading.
National Bank Holdings Corp. shares gained 3 percent.
The Greenwood Village, Colo., priced its IPO of 7.2 million shares at $19.25 a share, below the company's own expectations. That suggested low initial demand for the stock. At midday, the stock was trading at $19.76, up 2.6 percent, after earlier changing hands as high as $20.25, a gain of more than 5 percent.
National Bank Holdings runs of 101 banking centers mostly in the Kansas City area and Colorado. The company had expected its stock to start trading at $20 to $22 per share.
The shares trade under the ticker symbol "NBHC" on the New York Stock Exchange.
Shares of Capital Bank Financial Corp. rose as much as 3 percent before retreating a bit. The company's IPO also priced below expectations and it also sold fewer shares. The IPO of 10 million shares priced at $18 each, below its previous forecast of 11.4 million shares at $21 to $23 per share.
Capital Bank Financial shares gained 26 cents to $18.26 in midday trading, after earlier reaching as high as $18.57.
The Coral Gables, Fla., company is selling 5.7 million of the shares in its IPO. The rest are being sold by Capital Bank Financial stockholders. Capital Bank Financial is the parent of Capital Bank, which has 143 offices in southern Florida and the Florida Keys, North and South Carolina, Tennessee and Virginia. The stock trades under the ticker symbol "CBF" on the Nasdaq.
The IPO market was unusually busy Thursday with a total of five companies pricing their debuts.
