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EverBank reduces shares for sale by 24 per cent one day before IPO

2 May 2012

Private equity-backed EverBank Financial Corp has cut the amount of shares available in its IPO by almost a quarter just a day before it was due to float.

The Florida-based bank dropped the number of common shares on offer from 25.2 million to 19.2 million and revised down the expected price range to between $11 and $12 per share from $12 to $14.

Sageview Partners currently holds about 11.4 per cent of the company, New Mountain Partners and TGP 6.87 per cent and Arena Capital Investment 5.12 per cent.

An updated filing with the US Securities and Exchange Commission revealed all of the shares on offer will be sold by the company and not the stakeholders.

The company will be worth about $1.35bn at the top end of the share price range, with net proceeds at the mid-point expected to be about $198.2m.

EverBank’s IPO would be the largest bank listing this year, beating Homestreet’s $79m flotation in February.

Sageview, which aims at an investment horizon of between three and five years, has about $800m of assets under management.

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