BankUnited IPO is Very, Very Good For Carlyle, Blackstone and Ross

What a difference a little more than a year makes.

BankUnited, which is backed by investors including Carlyle and the Blackstone Group, went public today and the IPO looks to be hitting it out of ball park.

Shares of BankUnited gained $1.15, or 4.3%, to $28.16 in mid-day trading Friday. Late Thursday, the bank priced 29 million shares at $27 each, an increase from its earlier target of 26.25 million shares at $23 to $25 each. Bookrunners on the deal include Morgan Stanley, BofA Merrill Lynch, Deutsche Bank and Goldman Sachs.

BankUnited, in case you forgot, is the Florida lender that was shut by regulators in May 2009 and sold to a buyout group. The consortium includes Carlyle, WL Ross & Co. and the Blackstone Group. Centerbridge is also an investor. John Kanas, the former head of North Fork Bancorp., is BankUnited’s CEO.

The PE firms invested $945 million into the deal. BankUnited also received a $2.2 billion cash injection from the FDIC once the sale was consummated, a Jan. 27 regulatory filing said.

As part of the IPO, BankUnited is selling 4 million shares while stockholders are offering 25 million shares. Underwriters on the deal also have a greenshoe to buy an additional 4.35 million shares.

It’s not clear which of the investors is providing the extra 2.75 million shares sold in the IPO. Usually, the investors will sell shares in equal stakes. Since I don’t know which investors are kicking in more shares, here’s my take on who made money based on a Jan. 27 regulatory filing from BankUnited.

Kanas is selling 988,662 shares in the IPO and stands to gain about $26.7 million from the sale (at $27 a share). His remaining holding, 5.5 million shares or 5.6%, is valued at roughly $155 million (at $28.16 a share).

Ross, Carlyle and Blackstone each owned about 20.6 million shares, or 22.1%, prior to the IPO. They are each selling 5.1 million shares and will see their holdings drop to 15.9%, or 15.4 million, shares after the offering. At $27 a share, each PE firm stand to realize about $138 million from the IPO while their remaining stakes are valued at roughly $433.7 million. But remember, this doesn’t include the additional shares sold in the IPO.

Centerbridge holds a smaller stake. The PE firm, before the IPO, had 17.3% or 16.1 million shares, and sold about 4 million. Centerbrdige stands to gain about $108 million from the IPO while its remaining holding, 12.1 million shares or 12.5%, is valued at $340.7 million.

Including their holdings, the PE firms have easily made back their investment. This means that BankUnited was a very good deal for Carlyle, Blackstone, Ross et al.