May 3, 2012 / 3:35 AM / 5 years ago

UPDATE 1-EverBank prices IPO below revised range

* IPO sells 19.2 mln shares at $10 each

* Had cut its expected price range earlier on Wednesday

* At IPO price, co valued at about $1.13 bln

May 2 (Reuters) - EverBank Financial Corp, a Florida-based bank backed by private equity firms including TPG, priced its initial public offering below its revised range, a day before the shares are set to trade in New York.

Earlier on Wednesday, private equity firm Carlyle Group LP also priced its IPO below its indicated range, suggesting tepid demand for shares in the financial sector.

EverBank, which initially filed to go public two years ago, priced its offering at $10 per share, after trimming its expected range to between $11 and $12 earlier on Wednesday from the initial range of $12 to $14.

The Jacksonville, Florida-based bank also reduced the number of shares on offer to 19.2 million from 25.2 million.

Shares of the bank are scheduled to begin trading on Thursday on the New York Stock Exchange under the symbol “EVER”.

EverBank will have about 113 million outstanding shares after the IPO, according to a filing by the lender. At the IPO price, EverBank is valued at about $1.13 billion.

Goldman Sachs, BofA Merrill Lynch and Credit Suisse were the lead underwriters of the offering.

EverBank is the largest Florida-based lender by assets, according to data from the Federal Deposit Insurance Corp.

The bank is backed by private equity firms TPG, Sageview Partners and New Mountain Partners.

Earlier on Wednesday, Pacific Coast Oil Trust priced the sale of its trust units at the mid-point of its expected range.

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