Forbright Seeks $158 Million in Nasdaq IPO

Forbright Inc. filed with the US Securities and Exchange Commission to conduct an initial public offering. The financial services platform is aiming to raise up to $158 million through the offering. Based in Chevy Chase, Maryland, Forbright is focused on middle-market lending and digital consumer banking. The company plans to offer 7.9 million shares. The shares are priced between $18 and $20 each. At the top of this price range, Forbright would achieve a market value of about $994 million. This valuation is based on outstanding shares listed in its filing. Forbright is a private equity-backed bank. It was founded by John Delaney. The company has applied to list its Class A common stock on the Nasdaq Global Select Market. This article is intended for informational purposes only. It does not constitute investment advice.