EverBank Again Reduces Share Price in Advance of IPO

EverBank Financial in Jacksonville, Fla., reduced the size of its public offering again on Thursday, just hours before its shares began trading.

The $13 billion-asset company said in a Securities and Exchange Commission filing early Thursday that shares would be offered at $10 each, below the $11 to $12 target price it had set Tuesday.

It was the second time EverBank had lowered the price since filing its detailed prospectus with the SEC last week. In that filing, it said shares would be offered at $12 to $14, which would have netted the company more than $225 million after commissions and underwriting discounts. At $10 per share, the company estimates it will net $171.7 million, though proceeds could increase by another $27 million if its underwriters exercise in full their option to purchase shares.

EverBank's shares began trading Thursday on the New York Stock Exchange under the symbol EVER. Its shares were up 6% to $10.60 a share on its first day of trading.