Independent Bank Group's Shares Rise 13% in IPO

Shares of Independent Bank Group (IBTX) in McKinney, Texas, rose nearly 13% during their first day of trading.

The stock closed at $29.36 a share, after opening at $26, on volume of roughly 1.4 million shares.

The $1.7 billion-asset company planned to sell as many as 3.7 million shares, or a total offering of $95.7 million, according to a regulatory filing. It will use the money to repay more $25 million in debt and to fund growth, the company said.

Independent Bank has grown quickly in north and central Texas through four acquisitions in the past three years. Its biggest acquisition was the $173 million purchase of I Bank Holdings in Austin, which closed in April 2012.

Independent Bank Group has 32 branches, mostly around Dallas.