Industry News

Mortgage lender sets stock price

IndyMac common stock to sell for $31.75 per share

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

IndyMac Bancorp, the holding company for IndyMac Bank, announced Tuesday that it has priced an offering of 3.2 million shares of its common stock at a price of $31.75 per share. The total gross proceeds from the offering are $101.6 million. The offering was made from an existing shelf registration statement. IndyMac has granted the underwriters an option for a period of 30 days to purchase up to an additional 480,000 shares of its common stock to cover over-allotments, if any. The net proceeds from the sale of the offering are intended to be used for general corporate purposes, including, but not limited to, continued asset growth for IndyMac Bank. The proceeds may also be used for, among other things, the acquisition of Financial Freedom. Lehman Brothers acted as the sole book-running manager and Morgan Stanley acted as a co-manager of the offering. A prospectus for the common stock offering may be obtained by contacting either Lehman Brothers or Morgan Stanley. IndyMac Bancorp is t...