Riverview Bancorp said it will offer approximately 8.37 million shares of common stock, and that the bank has given underwriters a 30-day option to purchase up to an addition 15% of the shares sold to cover overallotments. Based on the July 13 closing price of $2.39, Riverview expects gross proceeds of approximately $20 million.
Riverview said net proceeds from the offering will be used to support the growth and related capital needs of Riverview Community Bank, with any remainder for general working capital purposes.
The announcement came as Riverview reported first-quarter net income of 16 cents a share, rising sharply from a year-ago profit of 3 cents a share. The bank said it saw improvements in net interest margin, deposit growth, capital levels and credit metrics during the quarter.Shares of Riverview Bancorp were lately higher by 6 cents, or 2.8%, to $2.41. More than 16,000 shares changed hands in the first few minutes of trading Friday, easily outpacing the average daily share volume of 7,000. Elsewhere, CIBT Education Group (MBA) filed with the Securities and Exchange Commission to offer 13.75 million shares of common stock at a proposed maximum offering price of 80 cents per share. Net proceeds will be used for potential acquisitions and capital expenditures at its Chinese, Canadian and other Asian operations. In addition, CIBT Education's filing showed that selling shareholders may sell up to 5 million shares of common stock, although the company will not receive any proceeds from any sale by selling shareholders. Shares of CIBT Education were up 2 cents, or 3.5%, to 60 cents. In IPO news, 3-D technology company RealD (RLD - Get Report) priced its initial public offering of 12.5 million shares at $16 per share. RealD initially had said it would offer 10.75 million shares in an expected range of $13 to $15 per share. Shares began trading on the New York Stock Exchange Friday under the ticker "RLD" and were lately at $19.01. Meanwhile, business software maker Qlik Tech (QLIK - Get Report) priced its initial public offering of 11.2 million shares of common stock at $10 per share, above the expected range of $8.50 to $9.50 per share. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.