CoastalSouth Bancshares falls in NYSE debut after $43.8 million IPO

CoastalSouth Bancshares

02/07/2025 19:19

** Community bank CoastalSouth Bancshares' COSO.N shares fall 1.2% to $21.25 in their New York Stock Exchange debut

** Atlanta, Georgia-based CoastalSouth and some of its existing shareholders sold ~2.04 million shares at $21.50 apiece to raise $43.8 million

** They had earlier offered 2.6 million shares priced between $21.50 and $23.50 apiece

** CoastalSouth sold 1.7 million shares in the IPO, while some backers offloaded 335,000 shares

** CoastalSouth traded on the over-the-counter (OTC) markets until its NYSE uplisting

** COSO stock had closed at $20.91 on Tuesday on OTC markets

** Founded in 2004, CoastalSouth operates 11 retail banking branches in the Lowcountry of South Carolina, as well as Savannah and Atlanta in Georgia

** Piper Sandler and Stephens were the underwriters for the offering

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))