April 4 Homebuilder UCP LLC, owned by
diversified holding company Pico Holdings Inc, filed
with U.S. regulators to raise up to $125 million through an
initial public offering of its shares.
U.S. homebuilders are taking advantage of a strong recovery
in the housing market, which is getting a boost from low
mortgage rates and rising rents.
In January, Tri Pointe Homes LLC became the first
U.S. homebuilder to go public in over a decade, while Taylor
Morrison Home Corp said earlier this week it planned to raise up
to $524 million in an IPO that could value it at as much as $2.7
Shares of the No. 1 U.S. homebuilder, D.R. Horton Inc
, have more than doubled in value since October 2011.
UCP, operating under the name Union Community Partners, is a
homebuilder and land developer in Northern California with a
growing presence in the Puget Sound area of Washington State.
In a preliminary filing with the U.S. Securities and
Exchange Commission, the company said it would apply to list its
shares on the New York Stock Exchange under the symbol "UCP." ()
It did not disclose the number of shares it planned to sell
or their expected price.
Citigroup, Deutsche Bank Securities and Zelman Partners LLC
were listed as underwriters for the offering.
As of Dec. 31, UCP's property portfolio consisted of 45
communities in 15 cities in Northern California and the Puget
UCP, which was acquired by Pico in 2008, had revenue of
$58.1 million and a profit of $3.0 million for 2012.
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.