EverBank lowers IPO price
EverBank Financial Corp. is lowering the price of its initial public offering, according to an updated registration statement filed this morning with the Securities and Exchange Commission.
After stating in an SEC filing last week that it would sell 19.22 million new shares of stock for $12 to $14 each, EverBank’s latest filing estimates that it will sell the stock for $11 to $12 each.
Last week’s filing estimated that EverBank’s net proceeds from the sale of stock, if it was sold at the midpoint of the projected price range, would be about $225 million.
The new filing estimates that the IPO will net proceeds of about $198 million.
EverBank, which initially filed plans for an IPO in October 2010, is expected to complete the stock sale this week.
After the IPO, EverBank’s shares will be traded on the New York Stock Exchange under the ticker symbol “EVER.”