EverBank Financial Corp. and some of its shareholders are planning to sell as much as an estimated $200 million of stock through an initial public offering for working capital and other purposes.
The dynamics of the IPO market appear to be advancing as the broader stock market has strengthened over the past month. Performance has been improving, companies are preparing to launch, and the number of scrapped deals remains well below the rate seen when market froze in 2008. Meanwhile, filings of new deals have kept at a steady clip.
The Florida-based financial-services company has an online-brokerage operation as EverBank serves mostly affluent customers and small and midsize businesses.
The company's growth has been boosted by acquisitions, including a recent acquisition of Bank of Florida Corp. (BOFL) operations from the Federal Deposit Insurance Corp. in May. EverBank markets and distributes most of its products online, aided by a nationwide network of independent financial advisers and 14 high-volume financial centers in Florida markets.
EverBank reported that earnings soared to $120 million in the first half of this year from $25.8 million a year earlier, owing to the acquisitions.