BankUnited Inc. set terms of its initial public offering that will be more than twice as big as what was originally planned, Reuters reported. The bank plans to raise about $630 million when it seeks to have its shares listed in the New York Stock Exchange under the symbol “BKU”. It previously filed its plans to go public with a target of raising up to $300 million. Wilbur Ross’s WL Ross & Co., Carlyle Group, Blackstone Group and Centerbridge Partners bought BankUnited in May 2009. BankUnited plans to sell 26.25 million shares for $23 to $25 a share.
* Plans to sell 26.25 mln shares for $23 to $25 each
* To list on NYSE under symbol “BKU”
(Reuters) – BankUnited Inc on Tuesday set terms for an initial public offering that will be more than twice as big as what was originally planned.
The bank, bought by private equity investors during the financial crisis, said it plans to raise about $630 million its IPO. It had previously filed to raise up to $300 million.[ID:nSGE69S0GI]
BankUnited’s offering will be the first IPO by a major U.S. bank bought by private investors during the financial crisis. The other bank owned by private equity investors is OneWest Bank, the former IndyMac.
Private equity firms, including Wilbur Ross’s WL Ross & Co, Carlyle Group [CYL.UL], Blackstone Group (BX.N: Quote, Profile, Research, Stock Buzz) and Centerbridge Partners, bought the assets of failed BankUnited FSB in May 2009 from the Federal Deposit Insurance Corp [nN25286507]
The firms put $900 million in the bank and appointed former North Fork Bank head John Kanas as CEO. They entered a loss sharing agreement with the FDIC.
BankUnited plans to sell 26.25 million shares for $23 to $25 each. Underwriters on the offering are being led by Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank Securities and Goldman Sachs & Co.
(Reporting by Clare Baldwin, editing by Dave Zimmerman)