Bowman Consulting Group Ltd. Announces Closing of Initial Public Offering

Rhea-AI Summary

Bowman Consulting Group Ltd. has successfully closed its initial public offering (IPO), selling 3,690,000 shares of common stock at $14.00 per share, raising approximately $51.7 million in gross proceeds. The company's stock began trading on the Nasdaq under the symbol BWMN on May 7, 2021. The underwriters have a 30-day option to purchase an additional 553,500 shares to cover over-allotments. D.A. Davidson & Co. and B. Riley Securities served as joint bookrunners for the offering.

Positive

• Raised approximately $51.7 million from the IPO to support growth initiatives and operational expansion.
• Successful listing on Nasdaq under the symbol BWMN enhances visibility and market presence.

Negative

• Potential dilution of shares if the underwriters exercise their option for additional shares.
• Market reaction to IPO pricing could affect short-term stock performance.

Bowman Consulting Group Ltd. (“Bowman”) today announced the closing of its initial public offering of 3,690,000 shares of common stock at a price to the public of $14.00 per share. Bowman’s common stock began trading on the Nasdaq Global Market under the symbol “BWMN” on May 7, 2021. The gross proceeds to Bowman from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Bowman, are approximately $51.7 million. The underwriters retain their 30-day option to purchase up to an additional 553,500 shares of common stock from Bowman, on the same terms and conditions as the initial public offering, to cover over-allotments, if any.

D.A. Davidson & Co. and B. Riley Securities acted as joint bookrunners for the offering. Nelson Mullins Riley & Scarborough LLP served as legal counsel to Bowman and Akerman LLP served as legal counsel to the underwriters.

The offering of these securities was made only by means of a prospectus. Copies of the final prospectus may be obtained from: D.A. Davidson & Co., Attention: Syndicate Department, 8 Third Street North, Great Falls, MT 59401, by telephone at (800) 332-5915 and by e-mail: ProspectusRequest@dadco.com; or B. Riley Securities, Inc., Attention: Prospectus Department, 1300 17th Street N., Suite 1300, Arlington, VA 22209, by telephone at (703) 312-9580 and by e-mail: Prospectuses@brileyfin.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Bowman Consulting Group Ltd.
Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 750 employees and more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit www.bowman.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511006132/en/

FAQ

What are the details of Bowman's IPO on Nasdaq BWMN?

Bowman Consulting Group Ltd. closed its IPO of 3,690,000 shares at $14.00 per share, raising approximately $51.7 million.

When did Bowman's stock begin trading on Nasdaq?

Bowman's common stock began trading on the Nasdaq Global Market under the symbol BWMN on May 7, 2021.

Who were the underwriters for Bowman's IPO?

D.A. Davidson & Co. and B. Riley Securities acted as joint bookrunners for the offering.

Is there a possibility of share dilution for BWMN investors?

Yes, there is a potential for share dilution if underwriters exercise their option to purchase an additional 553,500 shares.