EverBank Financial Corp, an online bank providing lending and investing products to 575,000 customers, lowered the proposed deal size for its upcoming IPO on Wednesday. The Jacksonville, FL-based company now plans to raise $221 million by offering 19 million shares (100% primary) at a price range of $11 to $12. The company had previously filed to offer 25 million shares at a range of $12 to $14. Insiders, who were previously offering 6 million shares, are no longer selling on the deal. At the midpoint of the revised range, EverBank Financial Corp would receive $198 million in net proceeds, 12% less than previously expected, and command a market value of $1.3 billion.
EverBank Financial Corp, which was founded in 1994 and booked $452 million in sales for the 12 months ended 12/31/2011, plans to list on the NYSE under the symbol EVER. Goldman Sachs, BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal.
