BankUnited sells about 29 million shares at $27 a piece in IPO
BankUnited Inc.'s (BKU) initial public offering was so well received this week that the Miami-based bank sold 3 million more common shares than was expected at a price that was a few dollars higher than analysts estimated. All told, the bank, which is owned by investors including WL Ross & Co., Blackstone Group and Carlyle Group, sold 29 million shares at $27 each. It's estimated the private-equity investors are looking at $675 million in proceeds from the IPO, which had an expected price range of $23 to $25. Morgan Stanley (MS), Bank of America (BAC), Goldman Sachs (GS), and Deutsche Bank (DB) led the offering, proceeds of which will fund general corporate purposes, including acquisitions. Federal regulators closed the former BankUnited in May 2009. Then the investors purchased the bank from the Federal Insurance Deposit Corp. and took the same name of the shuttered entity. Write to Jason Philyaw.