The price and size of the offering will be decided while signing an underwriting agreement. Credit: Gerd Altmann from Pixabay.

Canadian digital bank VersaBank has launched a public offering of shares in the US and Canada. This marks its initial public offering (IPO) in the US.

The bank filed an application to list its shares on the Nasdaq Global Select Market in New York City under the ticker VBNK.

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VersaBank added that its shares will continue to trade on the Toronto Stock Exchange (TSX) under the symbol VB.

A syndicate of underwriters will carry out the offering. Raymond James & Associates will lead the syndicate as sole book-running manager, with Keefe, Bruyette & Woods as co-manager.

The price and size of the offering will be decided while signing an underwriting agreement.

VersaBank anticipates the offering’s net proceeds to be leveraged for “general banking purposes and will qualify as Common Equity Tier 1 capital”.

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Closing of the share offering is subject to multiple customary conditions. Some of the conditions are the underwriting agreement, the listing on the Nasdaq and TSX and any associated approvals.

VersaBank is a Canadian Schedule I chartered bank and the world’s first fully digital financial institution. It gets all deposits and offers most of its loans and leases electronically.

The bank uses FinTech solutions to address Canada’s underserved banking populations profitably while reducing risk.

Leveraging its IT security software and capabilities, the bank formed a wholly-owned subsidiary, DRT Cyber, which is based in Washington, DC, US.

DRT Cyber focuses on cyber security and solutions to help tackle increasing cyber threats.

Previously, the bank also announced plans to build a blockchain-based virtual vault to store cryptocurrencies and other digital properties.