Avidia Bancorp, Inc. made a strong public market debut on Friday, with its shares opening at $14 on the New York Stock Exchange, representing a 40% premium over its initial public offering price of $10. The stock is now trading under the ticker symbol “AVBC,” following the successful mutual-to-stock conversion of its predecessor, Assabet Valley Bancorp.
The Massachusetts-based bank holding company raised approximately $191.8 million in gross proceeds through the sale of 19,176,250 shares, including 1,606,100 shares allocated to its Employee Stock Ownership Plan. In addition, Avidia donated 900,000 shares to the Avidia Bank Charitable Foundation, bringing its total outstanding shares to 20,076,250. The offering was oversubscribed by eligible Avidia Bank depositors as of December 31, 2023, and all qualified subscription orders were filled according to the bank’s allocation procedures. Subscribers who did not qualify for allocations will receive full refunds, including accrued interest.
Avidia’s conversion and public offering mark a significant transformation from a mutual bank structure to a fully stock-owned company, giving it greater access to capital markets for future growth and expansion. The strong initial demand for the offering reflects confidence in the bank’s financial fundamentals and local market positioning.
Headquartered in Hudson, Massachusetts, Avidia Bank operates as a Massachusetts-chartered stock savings bank and maintains nine full-service branches across western Middlesex County and eastern Worcester County. The bank focuses on serving both individual consumers and small to mid-sized businesses with a broad range of financial products, from checking and savings accounts to mortgages, loans, and digital banking services.
The company’s leadership stated that the IPO proceeds will support general corporate purposes, strategic growth initiatives, and continued investment in technology and community banking services. The 40% surge on debut underlines investor enthusiasm for regional banks with strong community ties and consistent performance, particularly in a market where local banking institutions continue to attract attention for their resilience and personalised service.
With its fresh capital base and new public structure, Avidia Bancorp enters the next chapter of its development with strong momentum and the resources to expand its footprint in New England’s competitive banking landscape.