BankUnited Doubles IPO Target

NEW YORK ( TheStreet) -- BankUnited plans to raise $630 million in an initial public offering -- twice as much as management originally filed to raise in October of last year.

BankUnited plans to sell four million shares, and current shareholders will sell 36.25 million shares for $23 to $25 a share, according to a Securities and Exchange Commission filing.

Shareholders of the bank include Wilbur Ross and BankUnited CEO John Kanas, Carlyle Group LP, Blackstone Group ( BX) and Centerbridge Partners.

The bank was purchased from the Federal Deposit Insurance Corp.in May of 2009 following the financial crisis and its private equity investors have injected about $900 million into the bank, according to published reports.

Underwriters of the IPO are Morgan Stanley ( MS), Bank of America Merrill Lynch ( BAC), Deutsche Bank ( DB) and Goldman Sachs ( GS).

--Written by Maria Woehr in New York.

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