BankUnited Shares Off Open Price

Bank United story updated to reflect recent share price.

NEW YORK ( TheStreet) -- BankUnited ( BKU) shares, which debuted on the New York Stock Exchange Friday following a $783 million initial public offering Thursday, were down from their open levels.

BankUnited sold 29 million shares at $27 each, which was above their initial range of 26.25 million shares at $23 to $25 each. The stock, which opened Friday at $29.50, was recently trading at $28.29.

BankUnited's IPO is the first offering since the 2008 financial crisis of a failed institution that has been turned around by private equity. Many other banks could follow BankUnited into the public markets, including Ally Bank and OneWest Bank, formally IndyMac.

BankUnited's owners WL Ross & Co., Centerbridge Partners, Blackstone Group ( BX) and Carlyle Group could see a gain as high as $1.2 billion on the offering.

--Written by Maria Woehr in New York.

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