Forbright Inc., a Chevy Chase, Maryland-based financial services platform that combines lending to middle-market companies with a digital consumer deposit product, has submitted a registration to the U.S. Securities and Exchange Commission to conduct an initial public offering that could raise up to $158 million.
The filing outlines an offer of 7.9 million shares at a proposed price range of $18 to $20 per share. At the top of that range, the filing indicates a pro forma market capitalization of about $994 million based on the outstanding shares reported in the prospectus. The company has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker FRBT.
Investment banks Goldman Sachs, J.P. Morgan and Barclays are named as the lead underwriters for the offering. The underwriting agreement includes an option for the underwriters to purchase up to 1.185 million additional shares within 30 days of the prospectus date.
Forbright describes two core operating businesses in the filing: a middle-market lending franchise that provides loans across sectors including healthcare, real estate and corporate finance, and a digital deposit platform that it launched in May 2024. The company reports growth in consolidated assets from $1.9 billion as of December 31, 2020 to $8.2 billion as of March 31, 2026.
On profitability, Forbright reports net income rising from $12.2 million in fiscal 2020 to $87.9 million in fiscal 2025. The filing also states the company held $3.9 billion in digital deposits across roughly 95,000 accounts as of March 31, 2026.
Leadership cited in the filing includes founder and Chief Executive Officer John Delaney, who the document notes previously founded and took public two financial services companies and served in the U.S. House of Representatives from 2013 to 2019. The prospectus records a 2021 capital infusion of $369 million from institutional investors including Centerbridge Partners, Gallatin Point Capital and Bayview Asset Management.
The filing states that net proceeds from the offering are intended for general corporate purposes. Beyond that stated intent, the document does not detail specific allocations of proceeds.
This registration sets a path for Forbright to transition from a privately funded lender and deposit taker into a publicly traded company, subject to completion of the offering and Nasdaq listing processes described in the prospectus.