Business First to raise $47M through stock offering

Business First Bancshares in Baton Rouge, La., plans to raise about $46.8 million from selling common stock. 

The $5.5 billion-asset company said in a press release that it intends to sell 2.5 million shares at $20 each.

Business First plans to use the offering’s net proceeds for general corporate purposes, which may include augmenting capital, supporting organic growth, funding potential acquisitions and redeeming certain subordinated debt. 

Stephens is the sole book-running manager. Raymond James is the lead manager. D.A. Davidson, Hovde Group, Janney Montgomery Scott and Piper Sandler are co-managers. 

Business First said it expects to close the offering around Oct. 17.