Avidbank makes muted Nasdaq debut after $60 million IPO

California-based Avidbank's AVBH.O shares rise 0.9% to $23.20 in Nasdaq debut

Stock rose as high as $24 after opening flat at $23 IPO price

AVBH late on Thursday sold 2.6 million shares at the midpoint of its marketed range of $22 and $24, for gross proceeds of $60 million

Proceeds will be used for general purposes, including a potential repositioning of its bond portfolio

Piper Sandler and Stephens were the joint bookrunners for the offering

Prior to the offering, AVBH traded on the Pink Open Market operated by the OTC Markets Group