EverBank Financial Plans $350M IPO

Private equity-backed EverBank Financial Corp. expects its initial public offering to raise as much as $350 million, valuing the lender at $1.6 billion, Reuters reported. The Jacksonville, Florida-based lender expects to sell about 25.2 million shares for between $12 and $14 each. The bank is backed by private equity firms TPG, Sageview Partners and New Mountain Partners.

(Reuters) – Private equity-backed EverBank Financial Corp expects its initial public offering to raise as much as $350 million, valuing the lender at $1.6 billion.

 

The Jacksonville, Florida-based lender expects to sell about 25.2 million shares for between $12 and $14 each.

 

The bank, which initially filed to go public two years ago, will sell 19.2 million shares, with selling stockholders offering the rest.

 

The bank is backed by private equity firms TPG, Sageview Partners and New Mountain Partners.

 

EverBank is the largest Florida-based lender by assets, according to data from the Federal Deposit Insurance Corp. It ranks above BankUnited, the private-equity backed bank which went public in 2011.

 

At the top end of its range, the bank will have a market value of about $1.6 billion. BankUnited is currently valued at $2.23 billion, according to Thomson Reuters data.

 

EverBank’s offering will be the largest bank IPO so far this year. In Feburary, Seattle-based bank Homestreet raised $79 million.

 

Goldman Sachs, BofA Merrill Lynch and Credit Suisse are the lead underwriters of the offering.

 

The company said it would list on the New York Stock Exchange under the symbol ‘EVER.’

 

EverBank, which acquired MetLife’s warehouse finance business in February, said it has been profitable every year since 1995.