Silvergate Capital Corporation’s $40 Million Initial Public Offering

Holland & Knight represented Silvergate Capital Corporation in its initial public offering. Davis Polk advised the representatives of the underwriters.

Silvergate Capital Corporation completed its initial public offering of 3.3 million shares of its Class A common stock at a public offering price of $12 per share. Of the offered shares, 824,605 shares were offered by Silvergate and 2,508,728 shares were offered by selling shareholders.

Silvergate’s common stock began trading on the New York Stock Exchange on November 7 under the trading symbol “SI.”

Silvergate intends to use the net proceeds from the offering to fund organic growth and for general corporate purposes.

Barclays and Keefe, Bruyette & Woods acted as joint lead book-running managers. Sandler O’Neill + Partners, L.P. and Compass Point also acted as book-running managers, with Galaxy Digital Advisors LLC and Performance Trust Capital Partners, LLC, acting as co-managers for the offering.

Silvergate Capital Corporation is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that focuses its strategy on creating a banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs.

Holland & Knight team included Partners Kevin Houlihan (Picture) and William Levay and Associate Benjamin St. Angelo.

The Davis Polk capital markets team included partners Michael Kaplan and Derek Dostal and associates Stephen A. Byeff and Charles York. The financial institutions team included partner Jai R. Massari and associate Nuveen Dhingra. The tax team included partner Rachel D. Kleinberg. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Stephen Byeff – Davis Polk & Wardwell; Nuveen Dhingra – Davis Polk & Wardwell; Derek Dostal – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Jai Massari – Davis Polk & Wardwell; Charles York – Davis Polk & Wardwell; Kevin Houlihan – Holland & Knight; William Levay – Holland & Knight; Benjamin St Angelo – Holland & Knight;

Law Firms: Davis Polk & Wardwell; Holland & Knight;

Clients: Barclays Bank; Compass Point Research & Trading; Galaxy Digital; Keefe, Bruyette & Woods, Ltd.; Performance Trust Capital Partners; Sandler O’Neill; Silvergate Capital Corporation;

Author: Ambrogio Visconti