Merchants Bancorp drops from record on pricing stock offering

Merchants Bancorp

14/05/2024 12:43

** Merchants Bancorp's  MBIN.O  shares down 7.4% at $44.11
premarket after overnight follow-on prices
    ** MBIN set to snap 11-session winning streak, if losses
hold. Stock notched fresh record high close of $47.61 on Mon
    ** Carmel, Indiana-based commercial/residential mortgage
finance bank late Mon announced 2.4 mln shares at $43
    ** Co expects to use expected net offering proceeds of ~$98
mln for general purposes, including to support balance sheet
growth of the bank
    ** Morgan Stanley lead bookrunner for offering, joined by
Piper Sandler and Eaymond James
    ** Merchants had $17.8 bln in assets and $14 bln in deposits
at end-Mar
    ** With ~43.35 mln shares, it has ~$2.1 bln market cap
    ** Through Mon, MBIN up 12% YTD. Stock was trading around
$23 a year ago

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))