Imperial Capital Group Inc., an investment banking firm headquartered in Century City, announced early Monday that it has commenced an initial public offering.
The firm, founded in 1997 by Chief Executive Jason Reese and President Randall Wooster, said it expects to generate net proceeds of $99.2 million before the potential exercise of over-allotment options.
In the offering, which will be jointly underwritten by BofA Merrill Lynch, JMP Securities and Imperial Capital, the firm plans to issue 6.7 million shares expected to price between $15 and $17 each. Shares will trade on the New York Stock Exchange under the symbol “ICG.”
A full-service investment bank, Imperial Capital offers institutional sales and trading services, as well as advisory, restructuring and capital markets services to middle market clients.
According to filings with the Securities and Exchange Commission, the firm has been profitable every year. It said it expects to record 2009 revenue of $115.3 million, up 29 percent from the previous year, when it had sales of $89.3 million.
The firm said it is going public in part to increase its profile, attract talent and obtain capital.
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