April 4 (Reuters) - 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 billion.
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 Sound area.
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.