Jacksonville-based EverBank Financial Corp. (EVER) saw its stock price rise nearly 2% during its first day of trading as a public company.
By close, the bank’s stock was trading at $10.60 a share. The company priced its initial public offering of 19.2 million shares of common stock at $10 per share.
EverBank originially looked to sell approximately 25 million shares for $12 and $14 each. After the IPO, EverBank said it plans to expand its mortgage financing operations, especially in commercial lending.
“We have recently expanded our retail and correspondent distribution channels and emphasized jumbo prime mortgages, which we retain on our balance sheet, to our mass-affluent customer base,” said EverBank in the filing.
EverBank said a day earlier that underwriters have a 30-day option to acquire an additional 2.8 million shares at the initial offering price less the underwriting discount.
EverBank’s IPO comes at a time when the bank is vocal about its expanding retail and correspondent distribution channels in the mortgage lending space. The company noted recently that it deals significantly with jumbo prime mortgages, which it holds on its balance sheet, for a more affluent customer base.
Earlier this year, EverBank acquired the warehouse finance business of MetLife Bank, securing a reputation for itself as a bank that wants to expand in the commercial real estate lending space.
