Bowman Consulting sets price for public stock offering
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Bowman Consulting Group Ltd. has announced the pricing of its underwritten public offering at $34.00 per share. The offering consists of 1,323,530 shares sold by the company and 147,058 shares sold by certain executives, including President and CEO Gary Bowman and Executive VP and COO Michael Bruen. The company expects to raise approximately $45.0 million in gross proceeds before deductions for underwriting discounts, commissions, and estimated offering expenses. The closing date for the offering is anticipated to be April 1, 2024. The net proceeds from the company's share of the offering are intended for general corporate purposes, which may include organic growth, potential acquisitions, and repayment of outstanding borrowings under its credit facility. BofA Securities and Baird are the joint lead book-running managers for the offering, with Roth Capital Partners also serving as a joint book-running manager. D.A. Davidson & Co. and Craig-Hallum are involved as lead co-manager and co-manager, respectively. Bowman, headquartered in Reston, Virginia, operates over 90 offices across the United States and employs over 2,000 people. The firm offers a range of services including planning, engineering, geospatial, and environmental consulting to various regulated markets.
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