The California-based financial company also said it sold about $21 billion of securities, which will result in an after-tax loss of $1.8 billion in the first quarter of 2023.
Shares of SVB were down 15% in trading after the bell. SVB said it had entered into an additional agreement with private equity company General Atlantic, which will purchase $500 million of common stock at the public offering price in a separate private transaction.
Up to Wednesday's close of $267.83, the company had a market
value of $15.86 billion, according to Refinitiv.
SVB said Goldman Sachs and SVB Securities will act as
book-running managers for each offering.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by
Krishna Chandra Eluri)