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 market.
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 shares.
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.
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