Benzinga | Aug 10, 2021 05:56AM EDT

SVB Financial Group Priced 2.2M Share Offering of Common Stock @$564/Share

SVB Financial Group ("SVB") (NASDAQ:SIVB), announced today the pricing of its underwritten public offering of 2,227,000 shares of its common stock at a price to the public of $564.00 per share for expected gross proceeds of approximately $1.25 billion before underwriting discounts and commissions and offering expenses. SVB has also granted the underwriter an option to purchase up to an additional 334,000 shares of its common stock. SVB intends to use the net proceeds from the offering for general corporate purposes, including supporting capital ratios at SVB and its subsidiary bank, Silicon Valley Bank.

Silicon Valley Bank logo. (PRNewsFoto/Silicon Valley Bank)

Goldman Sachs & Co. LLC is acting as book-running manager for the offering.

The offering is expected to close on Aug. 12, 2021, subject to the satisfaction of customary closing conditions.