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BankUnited Shares Rise After IPO

Jan. 31, 2011 7:04 AM ET
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Tessa_Nl's Blog
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According to the IbTimes, Shares of BankUnited surged as much as 9.3 percent in their debut, on speculation that the cleaned-up Florida lender will be one of the winners in the aftermath of the U.S. financial crisis. The company sold 29 million shares in an initial public offering that priced at $27 under which BankUnited sold 4 million shares in its IPO, while existing stockholders sold 25 million. The BankUnited investors include big names such as financier Wilbur Ross and private-equity giants Blackstone Group, Carlyle and Center Bridge. Their combined take from the IPO is around $900 million. The stock is trading at more than two times tangible book value, more expensive than its peers that trade around 1.8times tangible book value.

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