Republican Party's top bank, Chain Bridge, aims for $167 mln valuation in US IPO
Adds analyst comment in paragraphs 9-10
By Niket Nishant and Manya Saini
Sept 30 (Reuters) -Chain Bridge Bancorp, a lender popular among Republicans since its inception, is targeting a valuation of up to $167 million in its initial public offering in the United States.
The IPO, relatively uncommon in the banking sector, comes just about a month before the U.S. presidential election.
The McLean, Virginia-based bank, which only has one branch and 84 employees, has beaten bigger financial rivals to become a must-have partner for political work.
Strong debuts from recently listed companies have also boosted the IPO market, particularly for profitable companies.
Chain Bridge is seeking proceeds of up to $48.1 million via a sale of 1.85 million shares priced between $24 and $26 each, it said on Monday.
Founded by former Republican Senator Peter Fitzgerald, Chain Bridge has worked with the campaign of every presidential nominee from the Grand Old Party since John McCain in 2008, Reuters reported in July.
The bank's fortunes are closely tied to the Party. Chain Bridge has warned in its paperwork that "any event that negatively impacts the Republican Party … could lead to significant deposit outflows."
Still, the bank's strong credit quality might appeal to investors at a time when worries about bad loans have battered many industry players. Chain Bridge has had no non-performing loans in the last 12 years, it said.
"Chain Bridge is timing its listing very intentionally," said Angelo Bochanis, data and index associate at Renaissance Capital.
"Regardless of what happens this November, it doesn't seem like the Republican Party is going anywhere anytime soon, and there is a long-term trend of more money entering American elections that Chain Bridge may stand to benefit from."
The lender is planning to use proceeds from the IPO for general corporate purposes, such as funding its expansion and for repaying debt.
Piper Sandler, Raymond James and Hovde Group are the underwriters for the IPO.
Chain Bridge will seek a listing on the New York Stock Exchange under the symbol "CBNA."
Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli and Alan Barona
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