April 1 Homebuilder Taylor Morrison Home Corp
priced its initial public offering of 23.8 million
Class A shares between $20-$22 per share as it looks to cash in
on investor interest in the recovering U.S. housing market.
At the mid-point of the expected range, the company is
looking to raise about $500 million.
Record-low mortgage rates and rising selling prices have
driven up demand to levels that large U.S. builders are
struggling to meet, creating room for smaller companies.
Shares of Tri Pointe Homes LLC, which in January
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.
Scottsdale, Arizona-based Taylor Morrison is backed by
Oaktree Capital Management, TPG Global and JH Investments Inc.
Credit Suisse and Citigroup are lead underwriters to the