BofA update shows where active managers are putting money
Investing.com -- Avidia Bancorp, Inc. shares started trading at $14 per share on the New York Stock Exchange Friday, marking a 40% premium over its initial public offering price of $10.
The Massachusetts-based bank holding company began trading under the ticker symbol "NYSE:AVBC" following the completion of its mutual-to-stock conversion of Assabet Valley Bancorp, which closed Thursday.
Avidia sold 19,176,250 shares in its IPO, including 1,606,100 shares to its Employee Stock Ownership Plan, raising approximately $191.8 million in gross proceeds before expenses. The company also donated 900,000 additional shares to the Avidia Bank Charitable Foundation, bringing its total outstanding shares to 20,076,250.
The subscription offering was oversubscribed by eligible Avidia Bank depositors as of December 31, 2023. All valid subscription orders from these first-tier depositors and the Employee Stock Ownership Plan were filled according to the previously disclosed allocation procedures, while other subscribers will receive full refunds with interest.
Avidia Bank operates as a Massachusetts-chartered stock savings bank with headquarters in Hudson (NYSE:HUD), Massachusetts, and maintains nine full-service banking offices across western Middlesex County and eastern Worcester County.
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