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Biggest Bank IPO of 2012 Ready to Hit Market

NEW YORK ( TheStreet) -- Jacksonville, Florida-based EverBank Financial will sell about 25.2 million shares for between $12 and $14 in the largest bank initial public offering in 2012, according to a regulatory filing issued Monday.

At the upper end of the price range, the lender will raise more than $350 million and will command a market cap of over $1.5 billion. Of the 25 million shares being offered, 5.9 million constitutes an offer for sale by a clutch of private equity firms including Sageview Partners and TPG Capital.

The proceeds of the offer, excluding the sale by the existing stockholders, will go towards "general corporate purposes," that could fund organic growth opportunities as well as acquisitions. Earlier this year, the bank acquired the warehouse finance division of MetLife.

The bank intends to list on the New York Stock Exchange under the symbol EVER.

EverBank intends to pay a quarterly dividend of 2 cents per share starting in the third quarter.

The bank had total assets worth $13 billion as of December 31, 2011, a total shareholders' equity of $1 billion and Tier 1 capital ratio of 7.7%.

--Written by Shanthi Bharatwaj in New York



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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

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