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.
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