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Two Hoosier companies pull off IPOs

January 26, 2018

Indiana’s initial public offering drought ended in 2017, with two Hoosier firms successfully debuting on Nasdaq. It was the first year in which firms headquartered in the state went public since Indianapolis-based Stonegate Mortgage and Evansville-based financial-services company Springleaf Holdings Inc. did so in 2013.

The first 2017 IPO was carried out by OrthoPediatrics Corp., which raised $52 million on Oct. 12. The company makes an assortment of surgical systems for treating children with orthopedic conditions, from bone deformities to curvature of the spine.

It went public at $13 and has since shot up to nearly $19.

The second IPO was carried out by Carmel-based Merchants Bancorp, which raised $115 million in an Oct. 27 offering.

The IPO price was $16. The stock has since climbed to more than $21.50.

Merchants Bancorp has three prongs: P/R Mortgage, which originates more than $1 billion in multifamily mortgages across the country annually and handles servicing for more than $6.5 billion in loans; Merchants Bank of Indiana, which has five offices and the seventh-largest share of deposits in the Indianapolis market; and Warehouse Lending, a division that extends credit to residential loan originators.•

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