Tri Ponte Homes sees IPO priced at $14-$16 per share
Jan 16 (Reuters) - Tri Ponte Homes LLC said it plans to offer 11.7 million shares in its initial public offering at between $14 and $16 each, a month after the homebuilder filed to go public.
The company told U.S. regulators in December that it intends to raise up to $172.5 million from its IPO as it looks to benefit from a recovery in the housing market.
Tri Ponte will sell 10 million shares in the offering, with the rest being offered by selling stockholders, including board chairman Barry Sternlicht, who will retain a 51.7 percent stake in the company after the offering. ()
The U.S. housing market, which fell into a deep rut six years ago, has been recovering as low interest rates prompt consumers to buy homes.
Homebuilder Taylor Morrison Home Corp also filed for an IPO placeholder of up to $250 million in December, and said it was on track to become the sixth-largest listed homebuilder in North America after the offering.
At the mid-point of Tri Ponte's proposed range, the IPO will raise $175.5 million in proceeds and the company will have a market valuation of about $474 million.
It plans to list its shares on the New York Stock under the symbol "TPH".
Citigroup, Deutsche Bank Securities and FBR are the lead underwriters to the offering.
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