By Olivia Oran
April 9 Taylor Morrison Home Corp
raised $628.3 million in an initial public offering on Tuesday,
as investors continue to bet on a recovery in the U.S. housing
Scottsdale, Arizona-based Taylor Morrison priced 28.6
million shares at $22, according to an underwriter. Shares of
the homebuilder were expected to price in a range of $20 to $22.
The offering was also upsized from an original 23.8 million
Taylor Morrison, whose owners include private equity firms
TPG Capital and Oaktree Capital Management LP, is just the
latest of a number of IPOs from companies tied to the housing
sector as record-low mortgage rates and rising selling prices
are driving up industry demand.
Shares of home builder Tri Pointe Homes LLC and of
plywood and lumber maker Boise Cascade Co have risen
since their market debuts earlier this year.
After the IPO, the company intends to raise up to $500
million of debt for working capital and other corporate
purposes, it said in its prospectus.
Credit Suisse AG and Citigroup Inc led the offering.
Taylor Morrison will list its shares on the New York Stock
Exchange under the symbol TMHC.