Taylor Morrison Home Corp files for IPO of up to $250 mln
Dec 5 (Reuters) - Taylor Morrison Home Corp filed with U.S. regulators to raise up to $250 million in an initial public offering of its class A common stock.
Following the offering, Taylor Morrison will become the sixth-largest listed homebuilder in North America based on 2011 revenue, the company said in a preliminary prospectus.
For the year ended December 31, 2011, Taylor Morrison posted revenue of $1.37 billion.
D.R. Horton Inc, PulteGroup Inc and Lennar Corp are the top 3 U.S. home builders.
The housing market in the United States has recovered this year as record low interest rates and rising rents have pushed many consumers to buy homes. Economists expect residential construction to add to economic growth this year for the first time since 2005.
U.S. home prices posted their biggest annual jump in more than six years in October, data analysis firm CoreLogic said on Tuesday.
Taylor Morrison, backed by Oaktree Capital Management, TPG Global and JH Investments Inc, said Credit Suisse and Citigroup are lead underwriters to the offering.
The company said it intends to list under the symbol "TMHC," but did not reveal which exchange it would list its shares on.
The filing did not reveal how many shares the company plans to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.