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