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NEW YORK (

TheStreet

) --

BankUnited's

(BKU) - Get BankUnited, Inc. Report

private equity ownership group will see a windfall in the value of its investment when the Florida bank completes its initial public offering on Friday, according to a

Bloomberg

report.

Blackstone Group

(BX) - Get Blackstone Inc. Report

,

Carlyle Group

,

WL Ross & Co

and

Centerbridge Partners

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are selling partial stakes in the bank, which they took control of after it was shut down by the

Federal Deposit Insurance Corp.

In total, the buyout firms invested about $900 million in the bank.

BankUnited plans to raise up to $656.3 million in the offering. The bank is selling roughly 4 million shares, while the private equity firms and bank executives are offering another 22.25 million shares. The bank's expected price range for the shares is between $23 and $25, according to a regulatory filing with the

Securities and Exchange Commission

, but

Bloomberg

, citing people familiar with the matter, said it's likely the deal will price above that range.

Based on the caculations done by

Bloomberg

, the current owners paid $10.01 a share for the bank. The roughly 19.4 million shares being offered by the buyout firms would be worth $484.3 million, the report says, giving the firms a profit of $290.4 million. The value of their remaining stakes would swell accordingly to roughly $875.6 million. In total, the firms could see a gain as high as $1.2 billion on their investment,

Bloomberg

calculates.

A strong debut from BankUnited could

also prompt many other banks to tap the public markets.

--Written by Maria Woehr in New York.

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Maria Woehr

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