By Kelly Cloonan

Avidbank Holdings has filed for an initial public offering.

The company, which owns California-based Avidbank, plans to use a substantial portion of the proceeds from the offering to pursue a balance sheet restructuring, according to a filing with the Securities and Exchange Commission on Friday.

The restructuring could involve a sale of up to $280.2 million in debt securities, which have an unrealized pre-tax loss of up to $64.5 million as of March 31, the company said. The company would reinvest the proceeds from the sale into debt securities at current market yields, it said.

The San Jose, Calif., company would use a portion of the proceeds from the public offering to offset the negative impact on its regulatory capital related to the repositioning, it said.

The company did not disclose an expected number of shares or price for the offering.

The company recorded net income of $21 million in 2024, up from $16.8 million the year prior, it said.

The company intends to have its units listed on Nasdaq under the ticker AVBH.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

July 18, 2025 12:49 ET (16:49 GMT)

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