The stock of Bridgewater Bancshares traded up 7.4 percent to $12.62 per share Wednesday, its first day in public trading on the Nasdaq market.
Bloomington-based Bridgewater and selling shareholders raised $78.7 million through the sale of 6.7 million shares at $11.75 per share.
That was the upper end of a pricing range of $10.50 to $12.50 per share that Bridgewater announced last week.
Bridgewater is the first Minnesota banking company to go public in about 25 years.
Bridgewater Bancshares is the holding company for Bridgewater Bank, a full-service commercial bank formed in 2005 to serve commercial real estate investors, small business entrepreneurs and high-net-worth individuals.
Bridgewater, which is building a new headquarters in St. Louis Park, earned $19 million in 2017 from assets of $1.6 billion. CEO Jerry Baack, 51, a one-time federal bank examiner, has led Bridgewater since its 2005 founding.
Baack is scheduled to ring the closing bell Thursday afternoon at the Nasdaq MarketSite in Times Square in New York City.
Bridgewater raised $10 million at inception from senior management and other investors.
It since has raised $57.3 million in additional equity from Castle Creek Capital, EJF Capital and other institutions.
Bridgewater is one of the 10 largest Minnesota commercial banks by assets and deposits.