FCB Financial Holdings, which operates 54 retail banks around coastal Florida, announced terms for its IPO on Tuesday. The Weston, FL-based company and selling shareholders plan to raise $222 million by offering 8.7 million shares (50% insider) at a price range of $24 to $27. At the midpoint of the proposed range, FCB Financial would command a fully diluted market value of $1.1 billion.
The company originally filed for a $150 million IPO in May 2011 under the name Bond Street Holdings but withdrew on June 05, 2014. The filing lists Franklin Templeton ( BEN ) as its largest shareholder.
FCB Financial Holdings, which was founded in 2010 and booked $142 million in sales for the 12 months ended March 31, 2014, plans to list on the NYSE under the symbol FCB. Deutsche Bank, J.P. Morgan, BofA Merrill Lynch and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of July 28, 2014.