Feb 13 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.