EverBank Financial cuts price, insider selling for upcoming IPO


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EverBank Financial Corp, an online bank providing lending and investing products to 575,000 customers, lowered the proposed deal size for its upcoming IPO on Wednesday. The Jacksonville, FL-based company now plans to raise $221 million by offering 19 million shares (100% primary) at a price range of $11 to $12. The company had previously filed to offer 25 million shares at a range of $12 to $14. Insiders, who were previously offering 6 million shares, are no longer selling on the deal. At the midpoint of the revised range, EverBank Financial Corp would receive $198 million in net proceeds, 12% less than previously expected, and command a market value of $1.3 billion.

EverBank Financial Corp, which was founded in 1994 and booked $452 million in sales for the 12 months ended 12/31/2011, plans to list on the NYSE under the symbol EVER. Goldman Sachs, BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing IPOs
Referenced Stocks: EVER

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