UPDATE 1-Homebuilder Woodside Homes files for IPO

Wed Jun 25, 2014 5:13pm EDT

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June 25 (Reuters) - Homebuilder Woodside Homes Inc filed with U.S. regulators on Wednesday for an initial public offering of its common stock.

The North Salt Lake City, Utah-based company said Credit Suisse, JP Morgan and Deutsche Bank were among the underwriters to the offering. (bit.ly/1qwPblx)

Woodside Homes develops and sells single-family homes across seven primary markets in Arizona, California, Nevada, Texas and Utah.

The company set an initial target of up to $200 million for the IPO, but it did not say how many shares it planned to sell or their expected price.

Woodside Homes' stakeholders include private equity firm Oaktree Capital Management LP, John Hancock Life Insurance Co and Stonehill Institutional Partners.

Woodside Homes' revenue rose 23 percent to $94.5 million in the quarter ended March 31. Net income more than doubled from a year earlier to $11.4 million.

The company said it planned to use the IPO proceeds for acquisitions, land development and general corporate purposes.

Woodside Homes intends to list its class A common stock on the New York Stock Exchange under the symbol "WDS".

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. (Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)