LOS ANGELES-Downtown’s RBB Bancorp joined the ranks of public companies Wednesday with an $86 million initial public offering on the Nasdaq.
The bank priced its offering at $23, with 3.75 million shares put on the market. The stock was up 1.5 percent at the close of trading Wednesday at $23.35, giving RBB Bancorp a market cap of just under $350 million. That would be good enough for No. 84 on the Business Journal’s list of public companies in Los Angeles ranked by market cap.
RBB Bancorp, which operates as Royal Business Bank and is listed as RBB, has $1.5 billion in assets and operates 10 branches in L.A. County with other locations in Ventura County and Las Vegas.
(Article by LA Business Journal)