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TheStreet Open House

Stock Offerings: CenterState Banks

BOSTON ( TheStreet) -- CenterState Banks (CSFL) shares traded sharply lower Thursday after the company priced an offering of common stock at a discount to the previous day's closing price.

CenterState Banks said it will offer 3.6 million shares of common stock at a price of $8.50 per share, good for total gross proceeds of approximately $30.6 million. Underwriters will have a 30-day option to purchase up to an additional 15% of the shares sold to cover overallotments, if any.

CenterState Banks said net proceeds of nearly $28.5 million will be used to support the FDIC-assisted acquisition of Olde Cypress Community Bank by its wholly owned subsidiary, CenterState Bank of Florida. Remaining net proceeds will be used for possible future acquisitions of banks, bank branches and various lines of business, the company said.

Shares of CenterState Banks fell by 60 cents, or 6.5%, to $8.58. Volume of 341,000 shares was more than three times the average daily share volume.

Elsewhere, Genco Shipping & Trading (GNK) said it has priced its 3.125 million share common stock offering at $16 per share, slightly below Wednesday's closing price of $16.18. Genco also said it will sell $110 million of convertible senior notes due 2015 with an initial conversion price of $19.60 per share of common stock.

Genco shares were lately up 47 cents, or 2.9%, to $16.65.

On the downside, Uroplasty (UPI) slumped by 7 cents, or 1.9%, to $3.71 after the medical device company announced a public offering of common stock. Underwriters have a 30-day option to purchase up to an additional 600,000 shares of common stock to cover overallotments, if any.

Uroplasty said net proceeds will be used to fund the commercialization of its Urgent PC system, to fund additional clinical trials to expand the applications for its products and for general corporate purposes

Mattson Technology (MTSN) dropped by 13.1% to $3.18 after the semiconductor manufacturer posted a second-quarter net loss of 17 cents a share and said it has filed with the Securities and Exchange Commission for a $75 million mixed shelf offering.

On the IPO front, Green Dot (GDOT) priced its initial public offering of approximately 4.55 million shares of common stock at $36 per share. The financial services company initially said it would offer 3.85 million shares with an expected price range of $32 to $35. The stock surged in its debut to $42.65.

Meanwhile, Ameresco (AMRC) priced its IPO of 8.69 million shares of common stock at $10, which was below the expected range of $14 to $16. Shares of the energy efficiency solutions company were climbing to $10.60 in the company's trading debut.

In other IPO news, Chesapeake Midstream Partners, a joint venture between Chesapeake Energy (CHK) and Global Infrastructure Partners, said it has commenced an initial public offering of 21.25 million units, representing a 15.1% limited partner interest.

Chesapeake Midstream's units will trade on the New York Stock Exchange under the ticker symbol "CHKM."

-- Written by Robert Holmes in Boston.

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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