A Florida thrift holding company's shares skyrocketed Tuesday after it revealed how much it could raise from its conversion to a stock company.
Shares of Harbor Florida Bancorp hit $67.25, a 52-week high. The previous high was set Sept. 5, at $59.38.
The stock-price jump came a day after Harbor Florida notified the Securities and Exchange Commission it would raise $96.3 million to $150.3 million in its initial public offering.
Harbor Florida's shareholders approved a plan June 25 to convert from a mid-tier mutual holding company. The parent mutual holding company, Harbor Financial, plans to sell 2.65 million shares-its 54% stake in Harbor Florida-as part of the conversion.
The parent mutual holding company is owned by the thrift's depositors and governed by a board of trustees.
Harbor Florida shares had been trading in a range of $45 to $60 since July.