New-York headquartered bank conglomerate Hanover Bancorp, Inc. (Nasdaq: HNVR) began trading on the Nasdaq Global Select Market on Wednesday. The firm’s initial public offering is looking to raise US$26.8 million.
The offering consists of 1.275 million common shares selling at US$21.00 per share. Net proceeds are expected to come in at US$24.0 million.
Stephens Inc. and Piper Sandler & Co. act as the joint bookrunners for the said offering. The underwriters were granted a 30-day over-allotment option to purchase additional 191,250 shares at the same IPO price.
The New York-based bank firm is the parent company of Hanover Community Bank. Aside from its New York branches, it also operates a branch in Freehold, New Jersey.
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