Bank stocks have rallied since last November’s presidential election. Now, a lender created from the rubble of the financial crisis will test investors’ appetite for new bank shares.
Cadence Bancorporation, a Houston-based firm that counts former J.P. Morgan Chase & Co. Chief Executive William Harrison as lead director, Wednesday night became the first major U.S. bank since last September to list shares in an initial public offering.
While the IPO market has picked up recently, the act of going public has been relatively unusual for banks. “There are just a finite number of management teams interested in being public versus many more who are actively looking to…sell their company,” said Christopher Marinac, director of research at FIG Partners.
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