Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday. The Grand Rapids, Michigan-based community bank plans to sell 7.

SailPoint, which has tapped 19 banks for the IPO, will list on the Nasdaq under the symbol "SAIL". Thoma Bravo will own about 88.5% of the company after the offering. SailPoint plans to use the IPO proceeds to repay debt and settle outstanding equity awards, among other purposes.

Michigan-based community bank Northpointe Bancshares (NPB) is the first U.S. lender to hold an initial public offering (IPO) this year.

Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday.

(Reuters) - Northpointe Bancshares is targeting a valuation of up to $595 million in its initial public offering in the United States, the private equity-backed community bank said on Friday.