Allegiance Bancshares (ABTX) IPO Opens Higher

Today's IPO for Allegiance Bancshares, Inc. (NASDAQ: ABTX) opened for trading at $22.55 after pricing 2,600,000 shares of common stock at $21.00 per share, below the expected $22-24 range.

Allegiance has granted the underwriters for the offering a 30-day option to purchase up to an additional 390,000 shares of common stock to cover overallotments, if any.

Robert W. Baird & Co. Incorporated and Stephens Inc. are serving as joint bookrunners for the offering. Keefe, Bruyette & Woods, Inc. and Sandler O'Neill + Partners, L.P. are serving as co-managers for the offering.

Allegiance Bancshares is a Houston, Texas based bank holding company. Through its wholly owned subsidiary, Allegiance Bank, Allegiance provides a diversified range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses and individual customers. Allegiance Bank operates 16 full-service banking locations in the Houston metropolitan area and two full-service banking locations in Central Texas. As of June 30, 2015, Allegiance had total assets of $1.95 billion, total loans of $1.56 billion and total deposits of $1.63 billion.

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