(Reuters) – Chain Bridge Bancorp, the Republican Party’s top banking choice, was valued at $141.2 million after its shares opened in line with the offer price in their debut on the New York Stock Exchange on Friday.
The stock opened flat at $22 per share, before falling 3% to $21.29.
Chain Bridge’s IPO is relatively rare, coming from the banking industry at a time when the market has been dominated by entrants from the technology and biotech space.
The McLean, Virginia-based bank was founded by Peter Fitzgerald, the former 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 just a month ahead of the presidential election in November. The bank had raised $40.7 million in its IPO on Thursday, pricing shares at $22, below the $24 to $26 range it had initially targeted.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)