Manatt Represents Avidbank Holdings, Inc. in Initial Public Offering

In partnership with Manatt’s Financial Services team, Avidbank Holdings, Inc. (Avidbank) rang the opening bell on the Nasdaq Stock Market on Friday to celebrate its initial public offering (IPO) and listing on the Nasdaq Global Select Market (Nasdaq: AVBH).

A team led by partners , and associate represented Avidbank in its IPO of 2,610,000 shares of its common stock at an offering price of $23 per share, with support from partner and associates and , with additional assistance from Toni Nolan and Sandra Zapf. Avidbank has granted the underwriters a 30-day option to purchase up to an additional 391,500 shares at the IPO price.

The offering marks the first IPO of a California-based community or regional bank in many years, underscoring a significant moment for the state’s banking industry. The IPO reflects Avidbank’s continued growth and strategic positioning in the financial services industry.

Avidbank intends to use the net proceeds to increase the capital of the bank in supporting organic growth strategies, including expanding its overall market share and lending activities, strengthening regulatory capital, potentially optimizing the balance sheet, and for working capital and other general corporate purposes.

For more details, see the official announcement .

See Avidbank Holdings, Inc. ring the Opening Bell .