Keefe Bruyette & Woods has set the indicative price range of its initial public offering, the latest boutique investment bank to go public.

KBW set the range of its offering at between $19 and $21 a share for 6.5 million shares, which would target $136.5m (€108.7m) should shares price at the top end of the scale. KBW will sell another 978,250 shares as an overallotment option.