BankUnited, a FL-based savings and loan holding company with depository and wealth management businesses, announced terms for its IPO on Tuesday. The Miami Lakes, FL-based company plans to raise $630 million by offering 26.25 million shares at a price range of $23-$25. At the mid-point of the proposed range, BankUnited will command a market value of $2.3 billion. BankUnited, which has $11.2 billion of assets, was bought out in May 2009 by a group of private equity firms including WL Ross, Carlyle, Centerbridge and Blackstone. BankUnited booked $588 million in total interest and non-interest income in 2009 (after its inception on April 28) and plans to list on the NYSE under the symbol BKU. Morgan Stanley, BofA Merrill Lynch, Deutsche Bank Securities and Goldman, Sachs & Co. are the lead underwriters on the deal, which is expected to price during the week of January 24.
