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Columbia Financial lowers IPO share count

Fair Lawn, N.J.-based Columbia Financial Inc. is now back to offering up to 43,332,474 common shares in its IPO, shortly after having amended its prospectus to offer up to 45,881,443 shares.

If all shares are sold at the offering price of $10.00 per share, gross proceeds will amount to $433.3 million. Should there be sufficient investor demand, Columbia Financial may sell up to 49,832,345 shares, at the supermax, for gross proceeds of $498.3 million.

Appraiser RP Financial LC had updated its valuation report to indicate that the full market value of Columbia Financial's common stock was $876.3 million, as of Feb. 2. The valuation as of Jan. 12 had been $927.8 million.

Stock orders must be submitted by 5 p.m. March 15. The expiration date may be extended without prior notice until April 27.

Columbia Financial's federally chartered mutual holding company, Columbia Bank MHC, will remain majority shareholder after the IPO.