Forbright Targets Nearly $1 Billion Valuation in US IPO

Forbright, a US lender founded by former US congressman John Delaney, is targeting a valuation of almost $1 billion as it prepares for a Nasdaq listing. The bank is seeking to raise up to $158 million through an initial public offering expected to value the company at approximately $994 million.

The Chevy Chase, Maryland-based institution plans to offer 7.9 million shares priced between $18 and $20 each. The shares will trade on the Nasdaq under the ticker symbol FRBT, with Goldman Sachs, J.P. Morgan, and Barclays acting as lead underwriters.

Founded in 2003 as Congressional Bank, the business rebranded as Forbright in 2022 and has expanded beyond its community banking roots. Its operations now include middle-market lending, digital consumer banking, strategic advisory, and asset management services.

The planned flotation comes amid a recovery in the US market for bank listings following a prolonged slowdown after the 2023 regional banking crisis. According to Dealogic data, five US banks completed IPOs in 2025, compared with just one between 2023 and 2024.

Forbright has experienced rapid growth in recent years following a major capital injection led by Delaney and a consortium of investors in 2021. The bank's assets subsequently increased from $1.9 billion in 2020 to $8.2 billion as of March 2026.

The offering is likely to be monitored closely to assess potential investor appetite for financial sector listings and for the strength of the broader US IPO market in 2026.