Bridgewater Bancshares Stock Jumps in Debut on Nasdaq Exchange
Investors flocked to Bridgewater Bancshares Inc. on Wednesday as the Bloomington-based bank’s stock officially landed on the Nasdaq stock exchange.
The company’s stock, traded under the symbol “BWB,” jumped 7.4 percent to $12.62 a share, as reported by the Star Tribune. Furthermore, after an additional day of public trading, Bridewater shares improved even further to $12.85 a share by closing time Thursday.
In commemoration of the moment, Bridgewater Bancshares CEO Jerry Baack also rang in the closing bell at the Nasdaq MarketSite in Times Square on Thursday afternoon.
Bloomington-based Bridgewater, which is the holding company of Bridgewater Bank, along with its shareholders raised $78.7 million during the company’s initial public offering this week. Approximately 6.7 million shares were made available during the IPO, which each sold for $11.75 a piece. In the weeks leading up to the offering, Bridgewater predicted its stock would sell for between $10.50 and $12.50 per share.
Bridgewater became the first banking company out of Minnesota to go public in nearly 25 years, as noted by the Star Tribune.
The company was founded in 2005 from an initial offering of $10 million. Its first bank opened in Bloomington in November of that year and within three months had reached profitability.
Bridgewater, in a regulatory filing, credited its commercial real estate lending business for much of its organic growth. The company has been on the fast track in recent years, growing from $1 billion in assets in 2016 to $1.6 billion by the end of 2017. Bridgewater now ranks as the tenth-largest bank in the state based on assets and deposits.
Moreover, the company now has six locations in Minnesota: in Bloomington, St. Louis Park, Greenwood, Orono and two in Minneapolis.