Cadence Bancorporation (CADE) IPO Opens 10% Higher

Today's IPO for Cadence Bancorporation (NYSE: CADE) opened for trading at $22.05 after pricing 7,500,000 shares of Class A common stock at a price to the public of $20.00 per share.

The offering is expected to close on or about April 19, 2017, subject to customary closing conditions.

The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares of Class A common stock at the initial public offering price less the underwriting discount to cover any over-allotments. Cadence Bancorporation intends to use its net proceeds from the offering to support its organic growth and for general corporate purposes.

Goldman, Sachs & Co. and J.P. Morgan are acting as joint lead book-running managers, and Sandler O’Neill + Partners, L.P. and Keefe, Bruyette & Woods, a Stifel Company are acting as joint passive book-runners. Baird, Raymond James, Stephens Inc., SunTrust Robinson Humphrey and Tudor, Pickering, Holt & Co. are acting as co-managers.

Cadence Bancorporation is a $9.5 billion in assets regional bank holding company headquartered in Houston, Texas. Through its affiliates, Cadence operates 65 locations in Alabama, Florida, Mississippi, Tennessee and Texas as of March 31, 2017, and provides corporations, middle-market companies, small businesses and consumers with a full range of innovative banking and financial solutions. Services and products include commercial and business banking, treasury management, specialized lending, commercial real estate, foreign exchange, wealth management, investment and trust services, financial planning, retirement plan management, business and personal insurance, consumer banking, consumer loans, mortgages, home equity lines and loans, and credit cards. Clients have access to leading-edge online and mobile solutions, interactive teller machines, and 55,000 ATMs. The Cadence team of 1,200 associates is committed to exceeding customer expectations and helping their clients succeed financially. Cadence Bank, N.A., Cadence Insurance, and Linscomb & Williams are direct or indirect subsidiaries of Cadence Bancorporation

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