Dec 21 Tri Ponte Homes LLC filed to raise up to
$172.5 million in an initial public offering of its common stock
as the homebuilder looked to go public amid a recovery in the
The housing market in the United States has improved this
year as record low interest rates and rising rents pushed
consumers to buy homes. Economists expect residential
construction to add to economic growth this year for the first
time since 2005.
The company, which was founded in 2009 and focuses on
communities in Southern and Northern California, listed
Citigroup, Deutsche Bank Securities and FBR as underwriters to
Homebuilder KB Home said in its earnings report on
Thursday that it was seeing improvement in demand in California,
where foreclosures had previously kept recovery at bay.
Earlier this month, Taylor Morrison Home Corp filed for an
IPO of up to $250 million, and said it was on track to become
the sixth-largest listed homebuilder in North America after the
Tri Ponte, which said it would use proceeds from the
offering primarily to acquire land, intends to list its stock on
the New York Stock Exchange under the symbol "TPH".
Its operations include 13 communities containing 695 lots
under development, Tri Ponte said in a filing with the U.S.
Securities and Exchange Commission on Friday. ()
The filing did not reveal how many shares the company
planned to sell or their expected price.
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.