Private equity-backed EverBank Financial Corp cut the size of its initial public offering by 24 percent, a day before the company was expected to go public.
On Wednesday, the company reduced the number of shares on offer to 19.2 million from 25.2 million and trimmed the expected price range to $11 to $12 per share from $12 to $14 per share.
All the shares on offer will be sold by the lender and not by the selling shareholders, a regulatory filing with the U.S. Securities and Exchange Commission revealed.
The Jacksonville, Florida-based bank, which initially filed to go public two years ago, is backed by private equity firms TPG, Sageview Partners and New Mountain Partners.
EverBank is the largest Florida-based lender by assets, according to data from the Federal Deposit Insurance Corp.
At the top end of its expected price range, the company is now valued at about $1.35 billion.
EverBank's offering will be the largest bank IPO so far this year. In February, Seattle-based bank Homestreet raised $79 million.
Goldman Sachs, BofA Merrill Lynch and Credit Suisse are the lead underwriters of the offering.
The company said it would list on the New York Stock Exchange under the symbol "EVER."
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