Homebuilder Taylor Morrison doubles IPO size
Feb 13 (Reuters) - Taylor Morrison Home Corp doubled the amount it is seeking to raise in its initial public offering to $500 million as the U.S. homebuilder looks to cash in on investor interest in the recovering U.S. housing market.
Record-low mortgage rates and rising selling prices have driven up demand to levels that the large U.S. builders are struggling to meet, creating room for smaller companies.
Shares of Tri Pointe Homes LLC, which last month became the first U.S. homebuilder to go public in over a decade, and those of plywood and lumber maker Boise Cascade Co surged in their market debut over the last three weeks.
Taylor Morrison Home Corp first filed with U.S. regulators in December to raise up to $250 million.
The homebuilder is backed by Oaktree Capital Management, TPG Global and JH Investments Inc. Credit Suisse and Citigroup are lead underwriters to the offering.
Scottsdale, Arizona-based Taylor Morrison did not disclose the number of shares it plans to sell or their estimated price in its filing with the U.S. Securities and Exchange Commission.