(AP) LOS ANGELES — Financial services company HomeStreet Inc. is expected to launch an initial public offering as early as this week as it looks to raise capital to meet regulatory requirements.
The Seattle-based company operates community lender HomeStreet Bank and mortgage servicer HomeStreet Capital Corp. It has been operating under an order from federal banking regulators to bolster its balance sheet and reduce troubled assets.
HomeStreet’s IPO had initially been scheduled for August, but the company put it off due to the volatility that gripped the market at the time.
The company plans to offer around 7.2 million shares at between $22 and $24 a share, according to documents filed with the Securities and Exchange Commission on Nov. 3.
Based on the midpoint of that price range, $23 a share, the IPO is expected to raise $165 million. However, HomeStreet said it anticipates that it will receive $149.9 million in net proceeds from the offering after deducting discounts and commissions, assuming underwriters do not exercise their option to sell up to 1.08 million additional shares.