Key facts
- Forbright bank is targeting a valuation of up to $993.8 million in its IPO.
- The bank plans to raise up to $158 million.
- It will offer 7.9 million shares priced between $18 and $20 each.
- Forbright was founded by former U.S. Representative John Delaney.
- The bank will list on the Nasdaq under the symbol "FRBT."
U.S. bank Forbright, founded by former U.S. Representative John Delaney, is targeting a valuation of up to $993.8 million in its initial public offering, aiming to raise approximately $158 million by offering 7.9 million shares at a price range of $18 to $20 per share. This move occurs as the IPO window for U.S. banks has shown signs of reopening following the 2023 regional banking crisis, with stronger valuations encouraging companies to tap public markets. Forbright, which traces its history to Congressional Bank established in 2003, saw its assets grow significantly after a $369 million equity infusion in 2021, reaching $8.2 billion as of March 31. Goldman Sachs, J.P. Morgan, and Barclays are among the underwriters for the offering, and Forbright is set to list on the Nasdaq under the ticker symbol "FRBT."