North Carolina bank Paragon Commercial sets terms for $25 million IPO

Paragon Commercial, a North Carolina commercial bank with $1.3 billion in assets, announced terms for its IPO on Friday.

The Raleigh, NC-based company plans to raise $25 million by offering 736,000 shares at a price range of $33 to $35. At the midpoint of the proposed range, Paragon Commercial would command a market value of $182 million. 

Paragon Commercial was founded in 1999 and booked $43 million in total revenue for the 12 months ended March 31, 2016. It plans to list on the Nasdaq under the symbol PBNC. Raymond James is the sole bookrunner on the deal. It is expected to price during the week of June 13, 2016.

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