EverBank Financial in Jacksonville, Fla., has reduced the size of its planned initial public offering.
The $13 billion-asset company said in a Securities and Exchange Filing Tuesday that it will offer 19.2 million shares to the public at $11 to $12 each. It initially planned to sell the shares for $12 to $14 each.
The company also said that existing shareholders would not be selling any shares in the offering. When EverBank unveiled details of the IPO last week it said that current shareholders were planning to offer nearly 6 million shares.
EverBank did not say why it had amended the terms of the IPO, but at least one analyst had speculated that potential investors
"As an investor, why would I buy in when all these other people are leaving?" Christopher Whalen, a senior managing director of Tangent Capital Partners in New York, said in an interview with American Banker last week.
EverBank said that at a midpoint price of $11.50 it
The company, which first filed plans for an IPO in October, has said it would use the proceeds for general corporate purposes. EverBank has not disclosed a date for the IPO, though sources said Wednesday that it would take place Thursday.
Once they are public, EverBank's shares will trade on the New York Stock Exchange under the symbol EVER.