GOP’s most well-liked financial institution, Chain Bridge, valued at $141 million in lukewarm NYSE debut

(Reuters) – Chain Bridge Bancorp, the Republican Social gathering’s high banking alternative, was valued at $141.2 million after its shares opened according to the provide worth of their debut on the New York Inventory Change on Friday.

The inventory opened flat at $22 per share, earlier than falling 3% to $21.29.

Chain Bridge’s IPO is comparatively uncommon, coming from the banking trade at a time when the market has been dominated by entrants from the know-how and biotech area.

The McLean, Virginia-based financial institution was based by Peter Fitzgerald, the previous Republican U.S. Senator from Illinois. He retired in 2005 and was succeeded to the Senate seat by former U.S. President Barack Obama.

The debut comes only a month forward of the presidential election in November. The financial institution had raised $40.7 million in its IPO on Thursday, pricing shares at $22, beneath the $24 to $26 vary it had initially focused.

(Reporting by Niket Nishant in Bengaluru; Modifying by Krishna Chandra Eluri)