Raymond James Financial Inc.'s offering of 10.5 million shares, including 1 million shares offered by selling stockholders, priced at a 2% discount to its Tuesday closing price.
The stock closed Tuesday at $34.68, compared with the $34 offering price.
The company earlier this week said it would offer shares to help fund its acquisition of brokerage Morgan Keegan & Co. Raymond James, an investment-banking and wealth-management firm, won't receive any proceeds from the selling stockholders' sales.
Raymond James agreed to buy Morgan Keegan from Regions Financial Corp. last month for $930 million plus a $250 million dividend. As of Dec. 31, the company had 123.7 million shares outstanding.