Live Oak Bancshares Surges In Nasdaq Debut

(RTTNews) - Shares of Live Oak Bancshares, Inc. (LOB), parent of Live Oak Banking Co., surged in their trading debut on the Nasdaq Global Select Market Thursday following an initial public offering.

Live Oak Bancshares priced its IPO of 4.8 million shares of its voting common stock at $17.00 per share, the mid-point of its previously estimated price range of $16.00 to $18.00 per share.

The offering is expected to close on or about July 28.

The underwriters have an option to purchase up to an additional 700,000 shares of voting common stock at the initial public offering price, less the underwriting discount, within 30 days from the date of the offering.

LOB is currently trading at $18.49 after trading as high as $18.51 and as low as $17.63 earlier in the session.