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Talmer Bancorp shares rise in US debut

Wednesday, 12 Feb 2014 | 10:12 AM ET

Feb 12 (Reuters) - Shares of Talmer Bancorp Inc, backed by billionaire investor Wilbur Ross, rose as much as 7 percent in their U.S. market debut, valuing the company at about $971 million.

Talmer's initial public offering raised about $203 million after its Class A shares were priced at $13 per share, near the lower end of its $12.50-$14.50 expected pricing range.

Of the 15.6 million shares on offer, Talmer sold 3.7 million shares, while the rest came from selling shareholders.

The Troy, Michigan-based lender's shares opened at $13.75 and touched a high of $13.88 on the Nasdaq on Wednesday. The stock was up about 5 percent at $13.62 in early trading.

Talmer is focused on the U.S. mid-western market, with 94 branches in Michigan, Ohio, Indiana, Wisconsin, Illinois, Nevada and New Mexico.

Keefe Bruyette & Woods Inc and J.P. Morgan Securities LLC were the lead underwriters to the offering.